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.
Covid 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.
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