Gold gets hammered as coronavirus vaccine talk brightens Gold futures on Monday were on pace for their steepest daily drop in three months, as a positive report on a vaccine candidate sent the dollar and government bond yields higher, pressuring bullion.
Pfizer and BioNTech on Monday said their COVID-19 vaccine candidate was 90% effective at preventing COVID-19, derived from the novel strain of coronavirus.
“Interestingly, gold is getting whacked in the wake of the vaccine news. U.S. rates are rising on the back of the announcement and that’s bad news for the yellow metal which has fallen as low as $1,900, having traded above $1,950 ahead of the release,” wrote Craig Erlam, senior market analyst at Oanda in a Monday note.
“Investors now clearly betting on a stronger economic recovery and everything that comes with it,” the Oanda analysts wrote.December gold GCZ20, -3.66% GOLD, -1.53% was trading off 63.40, or 3.3%, […]
November 10, 2020 (updated November 10, 2020) Published by StockMan