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
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.