Gold Futures Suffer as Russia Approves COVID-19 Vaccine

(25 August 2020) The relentless rally in gold prices finally come to halt as Russia announced on 11 August the launch of the world's first COVID-19 vaccine and created space for hope that an accelerated economic recovery could be on the horizon. Despite skepticism that seems to be prevailing among the health experts around the world (given that the rush to bring a market vaccine precluded the typical full cycle of trials), the news had a bearish affect on gold futures, pushing prices as low as $1,946 per ounce on 11 August from $2,039 per ounce one day earlier.

  • Gold futures have been volatile since, oscillating more or less within the 10-11 August price band during the two-week period since the announcement.
  • But, sanctuary in gold has given way to strengthening US Treasury yields, with both 5-year and 10-year yields trending upward since the vaccine announcement.

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