G20: Equal Access to Vaccines is Key to Overcoming Pandemic

G20: Equal Access to Vaccines is Key to Overcoming Pandemic
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G20: Equal Access to Vaccines is Key to Overcoming Pandemic

G20: Equal Access to Vaccines is Key to Overcoming Pandemic

Equitable and affordable access to vaccines for all is key to overcoming the coronavirus pandemic and supporting the global economic recovery, the G20 Finance and Health ministers said on Thursday.

"We will continue to use all available policy tools to safeguard people's lives, jobs and incomes, support the global economic recovery, and enhance the resilience of health and financial systems, while safeguarding against downside risks," the ministers said in a statement following a joint meeting under the Saudi G20 leadership.

They pledged to “work together to lay the foundation for targeted actions to help respond to the most immediate challenges posed by the COVID-19 pandemic and ensure that the world is better prepared to curb the impact of future health-related crises in line with One Health Approach.”

Furthermore, they said they “will integrate the economic risks of pandemics, drug resistant infectious diseases, noncommunicable diseases and high-impact tail risks more systematically into the G20’s global risk monitoring and preparedness.”

The statement added that an action plan will be presented at the G20 finance ministers and central bank governors meeting in October and to the G20 leaders' summit in November.



Gold Poised for Biggest Weekly Fall in over Five Months on Dollar Strength

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Poised for Biggest Weekly Fall in over Five Months on Dollar Strength

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices dropped on Friday, poised for their steepest weekly decline in over five months, pressured by a stronger dollar and as markets absorbed the implications of Donald Trump's victory and its potential impact on US interest rate expectations.

Spot gold fell 0.6% to $2,690.62 per ounce as of 9:50 a.m. ET (1450 GMT), and was down 1.6% for the week.

US gold futures shed 0.3% to $2,697.90.

The dollar index gained 0.3%, on track for a weekly gain, Reuters reported

"In the last month, the story has been the uncertainty risk of the election and if there was going to be normalisation of transition, but this election appeared to be very decisive on the White House," said Alex Ebkarian, chief operating officer at Allegiance Gold.

"A lot of risk-on assets started benefiting in terms of the potential future implication of policies, so we had money go out of metals into these alternatives."

The Federal Reserve on Thursday cut interest rates by 25 basis points, but indicated a cautious approach to further cuts.

Trump's victory has fuelled questions about whether the Fed may proceed to cut rates at a slower and smaller pace, given the former president's tariff policy.

However, Fed Chair Jerome Powell said the election results would have no "near-term" impact on monetary policy.

The prospect of rate cuts, starting with the half basis point reduction in September, has underpinned gold's record rally this year.

Although bullion is reputed as a hedge against inflation, higher interest rates reduce non-yielding gold's appeal.

"Should markets restore the odds for a pre-Christmas Fed rate cut...that should help keep spot gold above the psychological $2700 level," Exinity Group Chief Market Analyst Han Tan said.

On the physical front, gold demand in India faltered, while Japan and Singapore saw some buying.

Spot silver fell 1.3% to $31.58 per ounce, platinum fell 1.8% to $979.15, palladium shed 2.3% to $1,001.25. All three metals were heading for weekly declines.