Gold spot dives 5.5% on vaccine news

Highlights

Gold correction on the back of a coronavirus vaccination expected

Stimulus package timing and size remains unclear

Gold supported by lower dollar, lower US real yields, high fiscal deficitsLondon — Gold sank 5.5% in the spot market on Nov. 9 as investors rushed to liquidate their long position on positive coronavirus vaccine news.Not registered?Receive daily email alerts, subscriber notes & personalize your experience. Register Now The price came under intense selling pressure after US pharmaceutical company Pfizer and German biotechnological company BioNTech announced an experimental coronavirus vaccine developed by both companies was found to be more than 90% effective."Immunity is expected to last for at least a year and doses could be selectively available in late December and more broadly available by the end of Q2 2021," ED&F Man Capital Markets analyst Edward Meir said in a research note Nov. 9.The news obliterated gold’s Nov. 9 morning gains, when the yellow […]

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