A covid vaccine is within reach after news that a vaccine has been found to be 90% effective in protecting people from transmitting the virus. We take a look at what effect this has had on gold and silver prices.



Pfizer and German partner BioNTech performed an interim analysis and said they hoped to have a vaccine rolled out by the end of the year. The welcome news comes as countries all around the world are forced into a new lockdown.

Global stocks surged on renewed optimism that the pandemic is coming to an end. This positive sentiment has driven precious metal prices down which is often used as a safeguard against times of uncertainty.


Vaccine Affect on Gold Prices

Gold spot prices dipped by £83.41 an ounce on the day of the announcement. Gold hit its highest price of £1,493.48 before shooting down and bottoming out at £1,410.77 an ounce.


Vaccine Affect on Silver Prices

Silver spot prices also pulled back following the news of renewed optimism. Prices sank by £1.67 an ounce shortly after the announcement. Silver’s highest price that day was at £19.66 before shooting down and bottoming out at £17.99 an ounce.

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