GOLD PRICES sank Monday lunch time in London as global stock markets surged and interest rates jumped with commodity prices on news that US pharma giant Pfizer’s Covid-19 vaccine has passed Phase 3 trials successfully, writes Atsuko Whitehouse at BullionVault.
After rising alongside stocks and bonds following the weekend’s victory for Democrat Joe Biden in the US presidential election – still disputed by White House incumbent Donald Trump – gold prices touched 8-week highs at $1965 before tumbling almost $100 per ounce on the joint announcement from Pfizer (NYSE: PFE) and BioNTech SE (Nasdaq: BNTX).
Spot gold prices erased last week’s 3.2% surge, recorded as Biden’s victory became clearer, while the US Dollar index – a measure of the currency’s value versus its major peers – edged higher following a sharp sell-off to near 2-month lows.
Both Euro and UK gold prices declined 4.0% to 4-month lows, hitting €1577 and £1423 […]
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