Gold, silver drop as vaccine hopes trump virus fears

Tuesday, 24. November 2020 16:18

Optimistic news regarding the developments on the COVID-19 vaccine front, coming from multiple pharmaceutical companies, prompted the prices of precious metals to decrease on Tuesday.

While AstraZeneca unveiled that its coronavirus vaccine candidate was effective in 70% of the cases on average, the United Kingdom government also unveiled that it will analyze the COVID jab developed by Pfizer and BioNTech in as little time as possible. Earlier today, Russian authorities stressed that Moscow's first COVID-19 vaccine prevents infection with a success rate of 95% after 42 days, while the European Union struck a deal with Moderna, securing a sixth in row deal on vaccine procurement for the bloc.

Spot gold dropped 1.87% to sell for 1,801.93 per ounce at 10:15 am ET, while silver lost 1.72%, going for $23.20 per ounce at the same time. On the other hand, platinum jumped 3.10% to $959.93 at 10:17 am ET, while palladium concurrently rose by 0.15% to go for $2,358.94 an ounce.

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