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    ​Gold Finds V-Shaped Rally on Moderna's Vaccine Progress

    Abstract: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.

      All the above is provided by WikiFX, a platform world-renowned for forex information. For details, please download the WikiFX App: bit.ly/wikifxIN

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