Gold prices have lost more than $100/ounce within 125 minutes, after trading as high as $1966/ounce at Monday morning trading session in London, based on the news that a phase 3 trial showing the COVID-19 vaccine developed by leading American pharmaceutical giants Pfizer and BioNTech was more than 90% effective – which weighed down on the precious metal momentarily.
At the time of writing this report, gold futures traded at $1,866/ounce, losing over 4% in value.
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I am a newcomer to the world of gold. Was wondering why Gold prices fell after the Pfizer Covid-19 vaccine news came out?