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

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 […]

About the author: StockMan
Tell us something about yourself.
Posting Guidelines
Do
  • 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!

Comments

No comments yet