Still, Russia’s President Vladimir Putin claimed that the country’s vaccine was “the first vaccine against the novel conoravirus infection in the world was registered,” during a televised government meeting.
Prices for the yellow metal have surged to records at least partly on the back of the economic damage wrought by the COVID-19 pandemic, and the potential for a vaccine has always been considered a bearish factor for the precious metal that thrives on uncertainty.
“Traders and investors have put risk back on the table today, due in part to news overnight that Russia has approved a Covid-19 vaccine,” wrote Jim Wyckoff, senior analyst at Kitco, in a Tuesday note.
He said that despite the skepticism, the “marketplace is so far Tuesday morning taking the Russian news as very good.”
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