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Experts say COVID-19 vaccine could be a bad omen for gold prices after record year

Gold prices have fallen for the second week running, with experts speculating that the potential COVID-19 vaccines on the horizon are to blame.

In its Gold Weekly blog, Axi chief global market strategist noted the dropping gold prices after a record-breaking 2020 for the metal, and said: “News of another vaccine is most welcome, but is intuitively negative for bullion prices, and with several [vaccines] in the pipeline it screams ‘Sell gold’.”

In terms of trading, gold has proved the one constant throughout a pandemic that saw many stocks crash as investors pulled out.

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Gold prices peaked at $2,067 (£1,546) per ounce back in August, but have now fallen by around $200 (£150) since that time.

According to Gold.org’s GoldHub, prices are now at their lowest since the week of July 22, 2020, after hitting an all-time high in early August.

Read more below on the day gold prices topped the unprecedented $2,000 (£1,496) mark:

Gold price tops $2,000 as experts focus on driving momentum

Tags : AxiGoldGold pricegold prices
Sam Lewis

The author Sam Lewis

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