Gold prices tumble nearly 2% Tuesday to lowest level since mid July as Dow surges to milestone above 30,000

New York (Nov 24)  Gold futures logged a second straight sharp loss on Tuesday but held above another key level of support, as the precious metal retreated amid progress on COVID-19 cures and treatments and growing expectations that former Vice President Joe Biden will see a smoother transition to the White House after being allowed access to important resources by the Trump administration. December gold GCZ20, -1.79% GC00, -1.79% shed $33.20, or 1.8%, to settle at $1,804.60 an ounce.

The precious metal fought mightily to stay above its 200-day moving average at $1,799.94, after two days of withering losses that has resulted in it tumbling 3.6% so far this week. Gold finished around its lowest levels since July 17, according to FactSet data. Moving averages are seen by technical analysts as potential dividing lines between bullish and bearish momentum in an asset. The decline for gold on the session also comes as the Dow Jones Industrial Average DJIA, 1.52% touched a milestone at 30,000 for the first time ever, reflecting growing appetite for assets considered risky and away from so-called havens.

By 4:00pm EST spot gold was down $17 to $1,808 down 1% on the day), while silver slid 17 cents to $23.24.

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