The price of the precious metal gold fell lower on Thursday after Pfizer and BioNTech reported that the vaccine they produced was 95% effective for preventing coronavirus.
Earlier in the European session, gold was trading weakly around the price level of $ 1,863 an aun, while trade before gold also lost ground at $ 1,860 per aun (3.35 pm Malaysia time).
Adding to the pressure on the yellow metal is news from the firm Pfizer that it has sufficient safety data to pass the use of anxiety by the US Food and Drug Administration (FDA).
However, although breeders believe that pharmaceutical companies will succeed in producing vaccines it will probably take a longer period of time to be widely circulated before the end of this year considering the current pandemic crisis is increasingly confusing.
In addition, commodity trading also shrank lower following the impression of the strength of the greenback dollar.
The US dollar bounced back against major currencies in today's trading session following risk aversion in the market that has helped revive the greenback dollar's recovery.
