Gold closes lower, logs 4.5% weekly loss

Gold prices closed lower on Friday, and posted a huge weekly loss, despite the US dollar drop against most majors.

The World Health Organization stated today that it expects to contain the coronavirus pandemic during the next year, with the help of the launching of the announced vaccines.

AstraZeneca said that its vaccine, developed in collaboration with the University of Oxford, reached up to 90% efficacy in preventing Covid-19.

This came after Pfizer announced last week that its vaccine was effective by 95%, and Moderna's vaccine reached 94.5%, and the two companies filed for the license to distribute it.

The dollar index fell against a basket of major currencies by 0.2% to 91.7 points as of 20:07 GMT, after hitting a high of 92.05 points and a low of 91.7 points.

Gold December futures fell 1.3%, and closed at $1,788.1 an ounce, with a weekly loss of 4.5%, after hitting today's high at $1,822.6, and the low at $1,776.5.