Gold closes lower after 3-day rally

Gold prices fell on Tuesday, for the first time in 4 days, despite the US dollar's drop against most of its major counterparts and the release of disappointing economic data.

Data showed today that the US retail sales index rose only 0.3% during October, lower than forecasts of 0.5%, and the core reading for the same index (excluding automobiles) was at 0.2%, also lower than forecasts of 0.6%.

This came as the coronavirus crisis continues to escalate all over the globe at a rapid pace, which led some countries to re-impose lockdown restrictions.

Optimism about the Covid-19 vaccine faded today, despite Moderna's announcement that its coronavirus vaccine is more than 94% effective in preventing the disease.

The dollar index fell against a basket of major currencies by 0.2% to 92.4 points as of 19:53 GMT, after hitting a high of 93.6 points and a low of 92.2 points.

Gold December futures fell 0.1% or $2.70, and closed at $1,885.1 an ounce, after gaining 0.1% yesterday, with today's high at $1,892.7, and the low at $1,882.2.