Gold drops on vaccine news

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Golden investment: Anisah Ahmad (left, standing) and her friend Nurul Habzan Abdul Halim looking at bracelets in a jewellery shop in Jalan Tuanku Abdul Rahman, Kuala Lumpur. — AZLINA ABDULLAH/The Star KUALA LUMPUR: The announcement on the discovery of the vaccine for Covid-19, which has brought relief to everyone in the world, including in Malaysia, is said to be a major factor for the sharp drop in gold price lately.Gold investment consultant Syukor Hashim said gold price went up by 37% from early January until August where it used to exceed RM300 a gram. “It has dropped to RM256 per gram.“It went up due to the threat of Covid-19 which affected the world economy. People were afraid to spend and investors were choosing gold as a safe asset. “But when news on the discovery of the vaccine spread, it has to some extent, reduced the risk of the Covid-19 threat with economists and inv…