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Gold prices turn lower as stock market rallies on COVID-19 vaccine candidate

May 18, 2020

Gold prices headed lower on Monday, giving up earlier gains that had lifted prices toward their highest levels since 2012, as early positive results from a COVID-19 vaccine prompted a rally in the U.S. stock market, dulling haven demand for the precious metal.

“Gold sold off on upbeat trader attitudes after the Moderna news of a positive initial result from a Covid-19 vaccine test,” Jim Wyckoff, senior analyst at, told MarketWatch.

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