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एब्स्ट्रैक्ट:The drugmaker Moderna announced on Monday that its coronavirus vaccine was 94.5 percent effective, which greatly boosted risk sentiment. As a result, gold prices shortly plunged $30 but soon rose back above the $1,890 barrier.
WikiFX News (17 Nov.) - The drugmaker Moderna announced on Monday that its coronavirus vaccine was 94.5 percent effective, which greatly boosted risk sentiment. As a result, gold prices shortly plunged $30 but soon rose back above the $1,890 barrier.
Moderna also reported that its vaccine required less supercooled storage, had a longer shelf life, and appeared to be more effective than Pfizer's. In the wake of the good news, gold fell by 1.3%.
“Vaccine is very very good news, but the problem is it's going to take quite a while to deploy it even in the developed countries,” said Bart Melek, head of commodity strategies at TD Securities.
While markets anticipate a return to normal in the second half of 2021, that “still leaves a massive gap in some of the economies globally that needs to be filled by governments and central banks”, said Saxo Bank analyst Ole Hansen.
Investors are still pinning their hopes on new stimulus from the US government, as the economy can hardly recover even if the vaccine will be launched soon. The new fiscal stimulus, once reached, will lift inflation expectations and then boost gold. By this account, the yellow metal may find limited space for further drop.
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Chart: Gold Trend
अस्वीकरण:
इस लेख में विचार केवल लेखक के व्यक्तिगत विचारों का प्रतिनिधित्व करते हैं और इस मंच के लिए निवेश सलाह का गठन नहीं करते हैं। यह प्लेटफ़ॉर्म लेख जानकारी की सटीकता, पूर्णता और समयबद्धता की गारंटी नहीं देता है, न ही यह लेख जानकारी के उपयोग या निर्भरता के कारण होने वाले किसी भी नुकसान के लिए उत्तरदायी है।