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

 

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