Gold plunges 4% on COVID-19 vaccine euphoria: Where next for prices? [VIDEO]
|Gold slumped more than 4% on Monday as news of the first successful late-stage COVID-19 vaccine trials prompted investors to dump safe-haven bullion and flock to riskier assets instead.
Spot prices retreated sharply from a two-month peak of $1,965 hit earlier in the session amid a weaker dollar and hopes for more stimulus following Joe Biden's victory in the U.S. elections.
Equities surged after Pfizer Inc said its experimental COVID-19 vaccine was more than 90% effective.
Bullion, a hedge against currency debasement and inflation, has climbed 24% this year, mainly driven by unprecedented global pandemic-led stimulus.
Other precious metals also sold off, with platinum falling 3.2%.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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