Gold dives to 4-month low, posts monthly losses

Gold prices on Monday, as the US dollar steadied against most of its peers, while the yellow metal posted monthly losses due to optimism about the Covid-19 vaccines.

The American company Moderna announced on Monday that its vaccine was 100% effective at preventing severe COVID-19 in the final analysis of the third and final stage of clinical trials, adding that it is also suitable for all age groups.

While Pfizer revealed earlier this month that its vaccine was 95% effective, and has also applied for an emergency authorization to the Food and Drug Administration (FDA).

The dollar index rose against a basket of major currencies by 0.1% to 91.8 points as of 20:01 GMT, after hitting a high of 91.9 points and a low of 91.5 points.

Gold February futures fell 0.4% or $7.20, and closed at the lowest level since July of $1,780.9 an ounce, with a monthly loss of 5.6%, after hitting today's high at $1,793.3, and the low at $1,767.2.