Gold plunges 4.5% as stocks surge on vaccine hopes

Tuesday, 11. August 2020 19:46

Precious metals plunged on Tuesday as stock markets rallied on coronavirus vaccine optimism and hopes of a new United States stimulus package.

Earlier in the day, Russia registered the world's first vaccine against the coronavirus and noted it expects to make it available to "the civilian population" from January 1 next year.

Spot gold tumbled 4.56% to sell for $1,935.03 per ounce at 1:43 pm ET. The fall comes after a long rally during which the yellow metal reached an all-time high of $2,075.19 per ounce as investors turned to safe-haven assets amid worries about the COVID-19 pandemic.

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Breaking the News / NP