Vaccine News Pushes Gold Prices up

Vaccine news pushes gold prices up

Tuesday morning saw gold prices yet again gaining its momentum and hitting the roof. It had fallen to more than five per cent in the last session on Monday. Investors withdrew their investments from the precious metal and started to put them in shares after the ultimate trial for the COVID-19 news broke out. It resulted in gold slipping down.


At 4:10 AM GMT, gold futures surged to $1881.60 by 1.47 per cent.


On Monday, Pfizer had stated that its vaccine, which is in co-development with BioNTech had an accuracy rate of 90 per cent. It sent a breeze of positivity and hyper optimism among industries.


For cashing in the rising fortunes, investors dumped the precious metal and forced it to plummet down the abyss.


However, the question of the longevity of the vaccine has also started surfacing in the market. Now, the optimistic news for gold is relegated to the stimulus package hopes. If it comes true, the prices of the yellow metal will sky-rocket.


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