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 […]

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.

Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet