GOLD PRICES dropped from near a one-week high Monday lunch time in London as interest rate jumped after last week’s vacccine news was followed by better-still results from separate Covid-drug trials, writes Atsuko Whitehouse at BullionVault.
US biotech Moderna (Nasdaq: MRNA) today said its Covid-19 vaccine has shown 94.5% efficacy in clinical trials, beating the 90% effectiveness claims last Monday by giant US pharma Pfizer (NYSE: PFE) and without needing the super-cold storage now spurring a race to buy medical freezer units.
Dropping to $1865 after testing $1900 per ounce, gold prices then rebounded, reaching last week’s closing level of $1889.
Ten-year US Treasury yields meantime rose 2 basis points to 0.92%, but held below the 8-month high of 0.97% reached on the Pfizer news last week."A vaccine with a greater than 90% rate is another form of stimulus that you have to weigh in," reckons Bob Michele, chief investment officer […]
November 17, 2020 (updated November 17, 2020) Published by StockMan