Have vaccine hopes ended gold’s bull run? [Video]
|Gold retreated to 1-week lows as a potential COVID-19 vaccine developed by AstraZeneca Plc and Oxford University produced a strong immune response in older adults, giving hope it may protect some of those most vulnerable to the disease.
The data, published in full, suggests that those aged over 70 - who are at higher risk of serious illness and death from COVID-19 - could build robust immunity to the pandemic disease.
But rival drugmakers Pfizer Inc, BioNTech and Moderna have in the past 10 days edged ahead, releasing data from late-stage COVID-19 vaccine trials that shows more than 90% efficacy.
AstraZeneca has signed several supply and manufacturing deals with companies and governments around the world as it gets close to reporting results of its late-stage trials.
Gold is currently up 23% this year, boosted by its appeal as a hedge against inflation and currency debasement and unprecedented stimulus measures globally.
Elsewhere increased coronavirus-driven restrictions in the United States, where the death toll crossed 250,000, caused Asian equities to fall from record highs.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.