Gold, Silver Price Today: Days ahead of Dhanteras, gold prices came tumbling down minutes after drugmaker Pfizer announced that its COVID-19 vaccine candidate was more than 90 per cent effective. Gold rates fell over Rs 1000 per 10 grams, while silver prices dropped more than Rs 2,000 a kg.Also Read - Gold Price Today Witnesses Change; Revised Gold Rates Here

Gold futures on MCX were down by at least 2 per cent to Rs 51,165.00 per 10 gram while silver futures plummeted by 3.5 per cent to Rs 63,130 per kg, reported LiveMint. Also Read - Expert Panel Green Signals Study on Mixing of Covishield & Covaxin Doses

In the opening session today, gold prices increased, helped by overall weakness in the US Dollar as expectations increase for economic support after Joe Biden’s victory in the US presidential elections. Also Read - Pfizer, AstraZeneca Vaccine Antibody Levels May Decline After 2-3 Months: Study

Giving a sigh of relief to the whole world, Pfizer said that the first set of results from their Phase 3 vaccine trial “provides the initial evidence of our vaccine’s ability to prevent COVID-19” which has killed more than 1.2 million people across the world.

Hailing the development, Pfizer chairman and CEO Albert Bourla said it was “a great day for science and humanity.”

“I think we can see light at the end of the tunnel,” he said.

According to the New York Times, Pfizer released only sparse details from its clinical trial, based on the first formal review of the data by an outside panel of experts. If the results hold up, that level of protection would put it on par with highly effective childhood vaccines for diseases such as measles.