Golden Scout - Gold Has Worst Day Since August on Covid Vaccine Progress

Gold plunged 5% for its biggest meltdown in a day since August after Pfizer’s announcement of progress in its Covid-19 vaccine program surprised markets, redirecting money from havens into risk assets.

New York-traded gold for September delivery settled down the day down $97.30, or 5%, at $1,854.40 per ounce. It fell more than $103 per ounce at the height of the sell-off that took it to a near four-month low of $1,848.30. It was the worst one-day liquidation in gold since early August.

Spot gold, which reflects real-time trades in bullion, was down $85.40, or 4.4%, to $1,865.81 by 3:55 p.m. (ET).

Pfizer (NYSE:PFE) announced on Monday that a Covid-19 vaccine candidate it developed jointly with BioNTech SE (NASDAQ:BNTX) proved more than 90% effective in the latest trials. It also said it expected to produce up to 50 million doses of its vaccine in 2020 and up to 1.3 billion in 2021.

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