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Gold Down Over Hopes For a COVID-19 Vaccine

FILE PHOTO: A pedestrian walks past a window displaying a representation of a gold bar at a bullion broker in Piccadilly, London, Britain, December 11, 2017. REUTERS/Toby Melville/File Photo

By Administrator_India

Capital Sands


Gold was down on Thursday morning in Asia, with investor sentiment boosted by positive results from yet another potential COVID-19 vaccine.

U.S. pharmaceutical company Pfizer announced the results from the early stage human trial for BNT162b1, its mRNA candidate jointly developed with German biotech firm BioNTech, on Wednesday. The results showed production of neutralizing antibodies in all the patients who were inoculated after 28 days.

Pfizer also has three other mRNA candidates under development.

Gold futures slid 0.16% to $1,777.05, as investors retreated from the safe-haven asset as their appetite for riskier assets increased. Stocks, which usually move in the opposite direction to gold, were up on Thursday.

But the yellow metal could yet gain back its shine. The ever-increasing numbers of COVID-19 cases prompted the World Health Organization to warn on Wednesday that re-instatement of lockdown measures could be required for some countries. California heeded the call on the same day as the state reimplemented some lockdown measures including bar closures and bans on indoor restaurant dining.

Meanwhile, the number of COVID-19 cases has surpassed the 10.6 million mark, according to data from Johns Hopkins University.

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