Gold drops under $1,900 on COVID vaccine hopes

Wednesday, 12. August 2020 04:02

The price of spot gold slid under $1,900 per ounce on Tuesday, continuing the fall which began after the announcement that Russia has registered the world’s first vaccine against the novel coronavirus.

The latest news unveiled that Moderna Inc. reached a $1.5 billion deal with the Trump administration to deliver 100 million doses of its COVID-19 vaccine to the United States as soon as it is developed. Meanwhile, major stock markets across the world are accelerating their recovery from the crisis despite the growth of registered COVID-19 cases worldwide.

Spot gold tumbled 1.17% to sell for $1,890.49 per ounce at 9:57 pm ET. In euros, gold declined 0.97% to €1,612.86 per ounce a minute later.

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