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Every ounce lost nearly $ 90 yesterday, due to upbeat news about the Covid-19 vaccine from US pharmaceutical company Pfizer.
As the session closed on September 11, the global spot price of gold fell to $ 1,863. Investors sell hidden assets and are rushing to buy riskier assets after news of successful tests of the latest stage of the Covid-19 vaccine.
The US pharmaceutical company Pfizer announced that its experimental vaccine was more than 90% effective. Pfizer and its German partner BioNTech will apply for an emergency license in the US later this month.
Movements of the world price of gold yesterday.
Right at the start of the session, gold prices also set a two-month high at $ 1,965 per year, due to the weakening of the dollar and the expectation of more economic stimulus under President-elect Joe Biden.
“The news has exceeded everyone’s expectations for the best scenario. There was concern that there would not be good results from the vaccine tests. So the information has caused the talent to drain.” ” said Edward Moya, market analyst at OANDA.
“Even so, the economy still needs more support. And only 50 million doses of vaccine will be produced. Therefore, the requirements for the stimulus package will continue to be met,” he emphasized.
Gold is the traditional tool to protect against inflation and currency devaluation. This precious metal is up 24% this year, mainly due to unprecedented stimulus packages from the countries’ central banks.
Other precious metals were also sold yesterday. Silver prices fell 6.7% to $ 23.87 an ounce. Platinum lost nearly 4% to $ 854 and palladium fell 0.8% to $ 2,471 an ounce.
Ha Thu (Theo Kitco, Reuters)
