Gold prices down more than $70/ounce on COVID-19 vaccine

Gold futures traded at $1,890/ounce, losing over 3% in value after trading as high as $1966/ounce on Monday morning.

Gold prices have lost more than $70/ounce within 90 minutes, after trading as high as $1966/ounce at Monday morning trading session in London, based on the news that a phase 3 trial showing the COVID-19 vaccine developed by leading American pharmaceutical giants Pfizer and BioNTech was more than 90% effective – which weighed down on the precious metal momentarily.

At the time of writing this report, gold futures traded at $1,890/ounce, losing over 3% in value.