Reaction Pfizer experimental vaccine over 90% effective Here is why Gold market is reacting
The Pfizer & BioNTech experimental vaccine is said to be over 90% effective in preventing covid-19.
Gold prices have tanked over the last few minutes as Pfizer & BioNTech announced that their treatment for COVID-19 is 90% successful. They have said they are seeing US emergency use authorization as soon as possible after the safety milestone is reached in late November. In terms of specifics, the firms expect to reach 50 million doses in 2020 and to produce up to 1.3 billion doses in 2021.
Sources confirm that Pfizer/BioNTech plan to seek US emergency usage after the safety milestone is reached in late November.
As you can see from the 5-minute gold chart below there was a vicious chart reaction to the news. The price fell around $35 in 20 minute period to a low of $1923.30 per ounce. There was a spike back up but the bulls failed to sustain the bid. After being higher for much of the EU session the precious metal now trades flat near $1925.
https://www.kitco.com/news/2020-11-09/The-Pfizer-BioNTech-experimental-vaccine-is-said-to-be-over-90-effective-in-preventing-covid-19.html