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(Bloomberg) -- Gold dropped to the lowest since July as a combination of positive vaccine news, strong economic data and the start of U.S. President-elect Joe Bidens formal transition undermines the metals haven appeal.Prices tumbled for a second day to just above $1,800 an ounce as equity markets rallied. Gold had been trading in a tight range for weeks before the U.S. election, and looked set to break upward immediately after the poll. Then Pfizer Inc. announced its Covid-19 vaccine was 95% effective at preventing the disease, sparking a rotation into risk assets thats put gold on a downwards trajectory.Traders will now have their eyes on the $1,800-an-ounce mark, which represents a key support for gold, according to Ole Hansen, head of commodity strategy at Saxo Bank A/S.In the short term, short sellers may look for additional stops down toward support at $1,800, the 200-day moving average, he said. With vaccine news occupying the headlines, gold is likely to struggle.The metal is under additional pressure as political uncertainty eases. Following weeks of inaction, the General Services Administration acknowledged Biden as the apparent winner of the presidential election, and President Donald Trump called on his agencies and departments to cooperate. Global stocks advanced for a second day and the dollar weakened.Funds Sell OffMeanwhile, a selloff in gold exchange traded funds resumed on Monday after pausing at the end of last week. The funds, which were crucial to gold reaching its August record, have dropped 64 tons of metal since Pfizer Inc announced its vaccine was effective.Spot gold declined as much as 1.8% to $1,804.53 an ounce, the lowest level since July. Silver dropped 1.5% and palladium also declined.However, Bitcoin, -- which like gold can be viewed as a store of value -- extended its surge, surpassing $19,000 for the first time since 2017.Still, some market observers remain optimistic about the longer-term outlook for gold.Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, people familiar with the matter said. That should boost prospects for fiscal stimulus going forward, which along with protracted low interest rates will provide a supportive environment for gold, according to Carsten Fritsch, an analyst at Commerzbank AG.After its current losing streak, gold should therefore begin climbing again, even if this may well take some time yet, and is likely to start from a lower level, he wrote in a note.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2020 Bloomberg L.P.

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