* Pfizer to apply for emergency U.S. authorization for
vaccine
* Platinum market seen in deficit this year and next - WPIC
* Fed's Powell says "long way to go" for economy to recover
* Interactive graphic tracking global spread of coronavirus:
here
>
(Adds analyst comments, updates prices)
By Asha Sistla
Nov 18 (Reuters) - Gold slipped on Wednesday on more
positive developments on Pfizer's race for a COVID-19 vaccine,
accelerating a move into riskier assets again.
Spot gold was down 0.3% to $1,872.71 per ounce by
1321 GMT, while U.S. gold futures fell 0.7% to $1,872.10.
U.S. drugmaker Pfizer Inc said on Wednesday that it
was set to apply for emergency U.S. authorization after final
results from its vaccine trial showed a 95% success rate with
two months of safety data.
"The latest good news from the vaccine front that came out
helps to support risk assets and this weighed on safe haven
assets like gold," said Fawad Razaqzada, market analyst with
ThinkMarkets.
"As investors look forward to a normal future, expectations
that monetary policy will be loosened further will fall,"
thereby reducing flows into safe-havens.
Equities rose on the latest update from Pfizer, which
overshadowed concerns over rising coronavirus cases globally.
Gold shed more than 1% on Monday after Moderna
became the second U.S. drugmaker to announce late-stage
successful vaccine trials.
The dollar index fell 0.1%, making gold cheaper for
those holding other currencies.
But looking ahead, an expansion in the U.S. Federal
Reserve's quantitative easing programme in December may weaken
the dollar and prove a tailwind for bullion, said Lukman
Otunuga, senior research analyst at FXTM.
Fed chair Jerome Powell said on Tuesday the central bank was
committed to using all its tools to drive an economic recovery.
Gold, considered a hedge against inflation and currency
debasement, has gained 23% this year, benefiting from massive
global stimulus.
Silver fell 0.3% to $24.39 per ounce, palladium
gained 0.8% to $2,336.45.
Platinum was up 0.2% to $927.05.
The World Platinum Investment Council projected a market
deficit in 2020 and 2021.
(Reporting by Asha Sistla in Bengaluru
Editing by Robert Birsel and Chizu Nomiyama)
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