Spot gold was unchanged at $1,887.99 per ounce by 0050 GMT, while U.S. gold futures were up 0.1% at $1,888.70.
Gold prices were little changed on Tuesday, as concerns over spiking U.S. coronavirus cases offset pressure from vaccine optimism brought about by a positive vaccine trial data.
* Spot gold was unchanged at $1,887.99 per ounce by 0050 GMT, while U.S. gold futures were up 0.1% at $1,888.70.
* Bullion dropped as much as 1.3% on Monday after drugmaker Moderna said its experimental vaccine was 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
* President-elect Joe Biden on Monday called on Congress to come together and pass a new coronavirus relief package.
* Forty U.S. states have reported record increases in COVID-19 cases in November, while 20 have seen a record rise in deaths and 26 reported record hospitalizations, according to a Reuters tally of public health data.
* Successful tests of two coronavirus vaccine candidates have increased the chance of a faster than expected U.S. economic recovery, Federal Reserve Vice Chair Richard Clarida said on Monday.
* The euro zone is facing a drawn-out recovery from a deep recession and needs more support from both the European Central Bank and governments, several policymakers said on Monday.
* Asian stocks opened firmer after the S&P 500 and Dow Jones indexes hit record highs on news of another promising coronavirus vaccine.
* Speculators cut their net long position by 10,995 contracts to 110,957 on COMEX gold in week to Nov. 10, he U.S. Commodity Futures Trading Commission (CFTC) said on Monday.* Silver fell 0.1% to $24.74 per ounce. Platinum was flat at 925.50, while palladium fell 0.4% to $2,323.30.