Gold Plummets on Vaccine News - Expert Commentary - Dukascopy Bank
Tue, 10 Nov 2020 10:52:18 GMT
Source: Dukascopy Bank SA
On Monday, the price for the yellow metal plummeted more than 100 USD per ounce or 5.53%.
The drop was caused by news from a public company. Pfizer announced that its Covid-19 vaccine was effective in more than 90% of cases in a large scale study.
This event caused a risk on sentiment. Safe haven assets like the Japanese Yen and Gold plummeted in price. Meanwhile, stock indices reached new record high levels, as a revival of the economy was expected.