Gold Price Rallies from $100 Vaccine Plunge, Nasdaq Slips Again as Bond Yields Reach March Highs

GOLD PRICES regained almost a third of yesterday’s $100 plunge in Asian trade Tuesday before easing back to $1880 per ounce in London as global financial markets stabilized from the apparent shock of pharma-giant Pfizer announcing successful trials of a Covid-19 vaccine.

The EuroStoxx 600 index added 0.7% to Monday’s 4.0% jump, but New York’s S&P index of US stocks trimmed 0.3% off its 1.1% jump to last night’s new record high, while the tech-heavy Nasdaq – whose components include home-delivery giant Amazon (NASDAQ: AMZN), streaming TV channel Netflix (NASDAQ: NFLX) and teleworking conference app Zoom (NASDAQ: ZM) – followed yesterday’s 2.5% drop with another 1.6% fall.

Crude oil and industrial commodities continued to rise while government bond prices continued to drop as investors cut their holdings, pushing the yield offered by 10-year Treasury debt up to 0.96% per year – the highest since panic swept all financial markets in mid-March […]

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