The UK government is set to approve the COVID-19 vaccine developed by BioNTech SE and Pfizer Inc next week.
Gold futures lost about 1.3% to close at $1,1781.90/ounce, dropping as low as$1,770.65, a price not seen since June 22.
The EU has disclosed plans to increase its access to Covid-19 vaccines by offering financial incentives to vaccine production companies.
Brent oil futures broke above $44/ barrel and West Texas Intermediate futures gained 0.60% to trade at $41.59/barrel
Gates foundation further pledged an additional sum of $70 million to achieve the objective.
The vaccines have recorded 90% effectiveness against the disease.
China has announced that it will partake in a WHO-led Covax initiative to provide a coronavirus vaccine.
The vaccine candidates produced by two Chinese companies were on display at a Beijing trade.
The European Commission said that the financial support will be provided through guarantees.
Brent crude prices in the last few weeks, keep ranging between the $44-$46 ranges.