Gold Tumbles Near Three Week Low

Published on Jan 11, 2021 11:09

COMEX Gold futures saw a massive tumble in last session as media reports noted that Pfizer Inc and BioNTech`s COVID-19 vaccine appeared to work against a key mutation in the highly transmissible new variants of the coronavirus discovered in the UK and South Africa. The yellow metal had tanked Wednesday after US Treasury yields soared as traders felt that a win for Democrats in a Senate runoff race in Georgia may signal more fiscal spending. Yields soared further with the benchmark US 10 year bond yield spiking near one year high of 1.10%. Gold broke well under $1900 per ounce mark and lost more than 3% to close around $1830 per ounce. These are the lowest levels in three weeks. COMEX Silver also tanked around 6.49% to end at $25.49 per ounce. The bullion futures did not get much help following a drop in US nonfarm payrolls.