Gold falls sharply after rising in price

Gold has fallen sharply in the past three months amid news that a new anti-coronavirus drug developed by US company Pfizer Inc. and Germany’s BioNTech is more than 90% effective in tests, Report says, citing foreign media.

For December, gold futures dropped 5.1% to $ 1,852.8 on the New York Mercantile Exchange (NYMEX) as of 20:40 Baku time yesterday. Last week, gold rose to its highest level in three months.

December futures for silver, which increased 8.5% to its highest level since early August, fell 7.2% to $ 23,815 last week. Palladium’s December futures declined 0.95 percent to $ 2,476.3, and platinum’s January futures – 4.8% to $ 856.1.

Simultaneously, the yield on 10-year government bonds climbed to 0.951% on Friday from 0.821%, and the ICE Dollar Index, which reflects the exchange rate of the US dollar against six major world currencies, rose 0.66 percent from the previous day.