Gold was up on Wednesday morning after hopes of a potential vaccine for the COVID-19 virus were dashed on Tuesday.
Vaccine experts poured cold water on U.S. drug maker Moderna’s Monday announcement that its potential C OVID-19 vaccine had generated an immune response in all 45 phase one trial participants after they released a report on Tuesday stating that there was insufficient evident to back the claims.
Gold futures were up 0.44% at $1753.20 by 12: 57AM ET (5:57 AM GMT). Investors turned to the safe-haven yellow metal after deflated hopes for a COVID-19 vaccine soured risk sentiment.
Elsewhere in the United States, both Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell testified before the Senate Banking Committee on Tuesday, with both officials pressed on the amount of funding that has been released through the programs already in operation.