Why is Gold Sliding 4% This Morning? | The Mesh Report

Why is Gold Sliding 4% This Morning?

The Gold Enthusiast November 9, 2020 Comments Off on Why is Gold Sliding 4% This Morning?

Gold beat a sharp retreat on Monday, sliding over 2% after Pfizer said initial data from a large study showed its COVID-19 vaccine was more than 90% effective, sending stock markets soaring and denting bullion’s safe-haven appeal.

Spot gold slipped 2.2% to $1,908.55 per ounce, while U.S. gold futures fell 2.2% to $1,908.90.

Earlier spot prices climbed to their highest since Sept. 16 at $1,965.33, driven by a weak dollar amid hopes for more stimulus following Joe Biden’s victory in the U.S. elections.

Pfizer and German partner BioNTech SE , the first drugmakers to show successful data from a large-scale clinical trial of a vaccine, said they expect to seek U.S. emergency use authorization for the drug later this month.

“There’s some belief that this is going to be a driver for economic growth as we come out of the pandemic situation, so it’s positive news for the world, but negative news for gold,” said independent analyst Ross Norman.

Continue Reading At The Gold Enthusiast

Comments are closed.