Gold set for longest slump since March with ETF assets slipping

"We see downside risks building for gold's price," analysts from Morgan Stanley said in a note, citing higher yields next year in addition to Covid-19 vaccines

Spot gold headed for its longest slump since March, dropping for a fourth straight day as positive vaccine developments spurred investors to unwind holdings in exchange-traded funds backed by the metal.

Holdings in gold-backed ETFs sold off for a fifth straightsession on Wednesday, and have dropped more than 50 tons since Pfizer Inc. announced its coronavirus vaccine breakthrough last week as demand for bullion as a haven waned. The University of Oxford confirmed that the vaccine it’s developing with AstraZeneca produced strong immune responses in older adults, according to study results published Thursday.

Gold for immediate delivery fell 0.4 per cent to