Gold takes a knock amid exodus from ETFs, progress on Covid vaccines

Since hitting a record in August, bullion's rally has stalled amid uncertainty over further stimulus measures and optimism over an effective vaccine, even as the virus continues to spread

Gold dropped for a fourth day as investors weighed positive vaccine developments and a steady drawdown in bullion-backed exchange-traded funds against mounting restrictions to curb a jump in coronavirus cases.

Pfizer said that a final analysis of clinical-trial data showed its Covid-19 shot was 95 per cent effective, paving the way for the company to apply for US regulatory authorisation.

Still, the resurgence of infections is a cause for concern, with New York City shutting schools, Poland seeing record daily deaths, and Italy’s fatalities rising by the most in seven months.

Since hitting a record in August, bullion’s rally has