Gold declined with the dollar as investors weighed growing optimism over a coronavirus vaccine against surging cases in many parts of the world.

Bullion extended last week’s loss after the dollar weakened and as AstraZeneca Plc said its vaccine prevented most people from developing Covid-19, marking another promising development in the quest to end the pandemic. Separately, US vaccinations will “hopefully” start in less than three weeks, according to the head of the federal government’s program to accelerate the production of a shot.

Gold prices last week edged near the lowest since July as hopes that a vaccine could bolster economic growth buoyed markets and curbed demand for haven assets. Still, the US is now averaging almost 110,000 more daily cases than a month ago, while there’s been a resurgence in infections in Europe and parts of Asia.

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