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Commodities

Gold prices down $100/ounce on COVID-19 vaccine

Gold futures traded at $1,890/ounce, losing over 3% in value after trading as high as $1966/ounce on Monday morning.

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Gold Up as U.S. hits Record Number of COVID-19 Cases, Gold stands firm above $1,800 over increasing virus fears and weaker dollar , Gold stands firm above $1,800 over increasing virus fears and weaker dollar, Gold prices surge higher, Traders focus on U.S. Federal Reserve

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.

More details shortly…

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

1 Comment

1 Comment

  1. Vijay K

    November 10, 2020 at 5:19 am

    I am a newcomer to the world of gold. Was wondering why Gold prices fell after the Pfizer Covid-19 vaccine news came out?

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