Covid-19 Vaccine Crushes Gold Almost $100 as Bond Yields Jump, Equities Extend Biden Surge

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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