for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

PRECIOUS-Gold dips as vaccine progress offset worries over rising cases

    * Pfizer to apply for emergency U.S. OK for vaccine
    * Platinum market seen in deficit this year and next -WPIC
    * Graphic tracking world spread of coronavirus: tmsnrt.rs/3mvcUoa

 (Updates prices)
    By Sumita Layek
    Nov 18 (Reuters) - Gold prices eased on Wednesday as
optimism about Pfizer's successful vaccine trials countered
concerns over rising coronavirus infections and bets for further
economic support.
    Spot gold        was down 0.3% to $1,872.38 per ounce by
01:57 p.m. EST (1857 GMT). U.S. gold futures        settled down
0.6% at $1,873.90.
    "The rollout of positive vaccine developments is reducing
gold's lure as a safe haven. (Although) it still seems to be in
a trading range, the big moves up seem to be finished for now,"
said ED&F Man Capital Markets analyst Edward Meir.
    U.S. drugmaker Pfizer Inc         said 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.                  
    "(Vaccines) seem to be progressing quickly and there are
several others also in the pipeline ... that should help the
global economy recover and be net bearish for gold. But in the
meantime, the fact that we're not out of the woods yet and need
more stimulus seems to be offering some support," Meir said.
    Gold, considered a hedge against inflation and currency
debasement, has gained 24% this year, benefiting from massive
global stimulus and near zero-interest rates.
    "It is worth recalling that the driver of investment flows
into precious metals has ultimately been sourced from a powerful
impulse lower in real rates," TD Securities said in a note.
    "The U.S. Federal Reserve's continued attempt to spark
higher inflation expectations should suppress real rates deeper
into negative territory. This will continue to drive investment
appetite for precious metals, as capital seeks to shelter itself
from increasingly negative real rates."
    Silver        fell 0.5% to $24.34 per ounce, palladium
       gained 1.3% to $2,348.78. Platinum        climbed 1.9% to
$942.53. 
    The World Platinum Investment Council projected a market
deficit in 2020 and 2021.             

 (Reporting by Sumita Layek in Bengaluru;
Editing by Marguerita Choy and David Gregorio)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up