FXStreet reports that analysts at the Royal Bank of Canada (RBC) believe that the bullish bias in gold still remains intact.

“Gold's story is not over yet, even if there is a perceived "light at the end of the tunnel" from recent progress in COVID-19 vaccine development.”

“Recent fall in bullion prices is a reset of gold-related expectations during the pandemic, a repricing of stimulus expectations and a realignment of inflation fears.”

“Gold's outlook can turn materially different if more uncertainty prevails over US election result.”