Gold Price Slips as ‘Vaccine Relief’ Ignores Worsening 2nd Wave, Silver Shows Record Deficit

GOLD PRICES slipped against a falling US Dollar on Wednesday, rallying $10 from a re-test of Monday’s low at $1865 per ounce as further positive news on Covid vaccines was offset by this winter’s worsening second wave.

After competitor Moderna (NYSE: MRNA) said Monday that its Covid vaccine shows 94.5% efficacy – and with much simpler and cheaper distribution – Pfizer (NYSE: PFE) today updated last week’s figure of 90% for its product to 95%, with "observed efficacy in adults over 65 years of age" now over 94%.

World stock markets recovered yesterday’s dip and major government bond yields held unchanged, but data collated by Johns Hopkins University today said the virus’s global death toll has passed 1.3 million with a total of 55.7m infections.

"The psychological relief and a shift in risk sentiment may still weigh on gold in the immediate term," says a note from London bullion market-making and clearing […]

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