Gold plunges 4% on COVID-19 vaccine euphoria: Where next for prices? [VIDEO]

Gold slumped more than 4% on Monday as news of the first successful late-stage COVID-19 vaccine trials prompted investors to dump safe-haven bullion and flock to riskier assets instead.

Spot prices retreated sharply from a two-month peak of $1,965 hit earlier in the session amid a weaker dollar and hopes for more stimulus following Joe Biden’s victory in the U.S. elections.

Equities surged after Pfizer Inc said its experimental COVID-19 vaccine was more than 90% effective.

Bullion, a hedge against currency debasement and inflation, has climbed 24% this year, mainly driven by unprecedented global pandemic-led stimulus.Other precious metals also sold off, with platinum falling 3.2%. Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as […]

Click here to view original web page at www.fxstreet.com

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.