Gold drops on risk appetite after news of Pfizer vaccine

Wednesday, November 18, 2020 - 17:27
Point Trader Group
Gold drops on risk appetite after news of Pfizer vaccine

Gold retreated on Wednesday on new positive news about Pfizer's efforts to find a vaccine for Covid-19 disease, which again encouraged appetite for riskier assets.

The spot price of gold was down 0.3 percent to $ 1872.71 an ounce, while US gold futures contracts fell 0.7 percent to $ 1872.10.

Pfizer, the US drug maker, said today that it is seeking US permission to use its drug after final results of tests showed a 95 percent success rate, with safety data covering a two-month period.

And gold had lost more than one percent on Monday after our supplier became the second American drug maker to announce the success of its advanced-stage vaccine trials.

Silver fell 0.3 percent in spot transactions to $ 24.39 an ounce, and palladium rose 0.8 percent to $ 2336.45.

Platinum rose 0.2 percent to $ 927.05.

The Global Platinum Investment Board said it expects a market deficit in 2020 and 2021.

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