Gold Futures Plunge 5% on Vaccine News

Gold prices declined on Monday, opening the week with its biggest daily drop in more than seven years.

Demand for safe havens decreased with news about positive trials for a new vaccine against the Coronavirus.

Earlier today, Pfizer and BioNTech announced that a vaccine that they are developing is 90% effective in preventing the virus that caused a global pandemic this year.

Gold futures for December delivery declined by $97.30, or 5%, and settled at $1,854.40 per ounce.

This comes after the yellow metal closed last week at its highest level since September 18, achieving the best weekly rise since the end of July.