Gold prices extend weekly losses on stimulus concerns and positive vaccine news

Gold prices are heading for a second consecutive weekly decline on the back of encouraging news about coronavirus vaccine developments and news of the U.S. Treasury’s decision to allow emergency loan programs to expire. Fundamental analysis: Risk improves to push gold prices lower U.S. Treasury Secretary Steven Mnuchin sent a letter to U.S. Federal Reserve Chair Jerome Powell, saying the $455 billion allocated to the Treasury as a part of the CARES Act should instead become available for Congress to reallocate. “If the Fed does start shrinking its assistance programme that could be a bit of headwind for gold again…