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Gold Down Over Hopes For a COVID-19 Vaccine

Published 07/02/2020, 12:12 AM
Updated 07/02/2020, 12:13 AM
© Reuters.

By Gina Lee

Investing.com – Gold was down on Thursday morning in Asia, with investor sentiment boosted by positive results from yet another potential COVID-19 vaccine.

U.S. pharmaceutical company Pfizer (NYSE:PFE) announced the results from the early stage human trial for BNT162b1, its mRNA candidate jointly developed with German biotech firm BioNTech (NASDAQ:BNTX), on Wednesday. The results showed production of neutralizing antibodies in all the patients who were inoculated after 28 days.

Pfizer also has three other mRNA candidates under development.

Gold futures slid 0.16% to $1,777.05 by 12:15 AM ET (5:15 AM GMT), as investors retreated from the safe-haven asset as their appetite for riskier assets increased. Stocks, which usually move in the opposite direction to gold, were up on Thursday.

But the yellow metal could yet gain back its shine. The ever-increasing numbers of COVID-19 cases prompted the World Health Organization to warn on Wednesday that re-instatement of lockdown measures could be required for some countries. California heeded the call on the same day as the state reimplemented some lockdown measures including bar closures and bans on indoor restaurant dining.

Meanwhile, the number of COVID-19 cases has surpassed the 10.6 million mark, according to data from Johns Hopkins University.

Latest comments

where is China fake gold news, all of you are sold
vaccine has nothing to do with gold
Gold was going up way before the Covid hoax.
most people will be immune and virus will largely be gone by the time there is an effective vaccine that is mass administered. and good luck if you are one of the people who receives a rushed vaccine for a disease that causes no symptoms in 99%+ of people and people simply become immune after infection.
we have got ourselves a doctor here guys! come and listen to him!
I know a true story unfortunately very common: a doctor made a wrong analysis of my situation and prescribed me drugs that made me get worse. stop blindly believing in doctors
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