* Moderna claims that its new crown vaccine has an effective rate of 94.5%

* Vaccine progress is good news, but vaccination will take some time – Strategist

Reuters, November 16-Gold prices stabilized on Monday and fell by more than 1% earlier in the session. Investors assessed concerns about the rise in the number of new cases and bets on further economic support, although Moderna became the second company to announce a vaccine test. Positive effect drug maker.

At 1849 GMT, spot gold held steady at $1,887.10 per ounce. The settlement price of US gold futures rose by 0.1% to US$1,887.80 per ounce.

Moderna said on Monday that based on preliminary data from a late-stage trial, the effectiveness of its experimental new coronavirus vaccine in preventing the new coronavirus has reached 94.5%.

After the news was announced, the price of gold fell 1.3% in response, but after Pfizer announced that its vaccine effective rate exceeded 90% last Monday, the price of gold fell more than 5%.

Bart Melek, head of commodity strategy at TD Securities, said: "Vaccine progress is very, very good news, but the problem is that even in developed countries, it will take a long time to vaccinate." He added that the market Zhou has adjusted his position based on Pfizer's news.

Gold is considered a tool to hedge against inflation and currency devaluation. It has risen by more than 24% this year, mainly due to the global stimulus measures taken to cushion the impact of the epidemic.

On Sunday, the cumulative number of confirmed COVID-19 cases in the United States exceeded 11 million.

Silver rose 0.1% to $24.65 per ounce. Platinum rose by 3.5% to US$919.90 per ounce, and palladium fell by 0.1% to US$2,321.24 per ounce.

 

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