Gold recovered from a more than 1% dip on Monday as investors weighed immediate concerns over rising coronavirus cases and bets on further economic support even as Moderna became the second drugmaker to declare effective vaccine test results.

Spot gold was steady at $1,887.10 per ounce. U.S. gold futures settled 0.1% higher at $1,887.80.

Bullion dropped as much as 1.3% after Moderna said its experimental vaccine was 94.5% effective, but this was less than the more than 5% slump after Pfizer last Monday announced its vaccine was over 90% effective.

“Vaccine is very very good news, but the problem is it’s going to take quite a while to deploy it even in the developed countries,” said Bart Melek, head of commodity strategies at TD Securities, adding the market had already adjusted positioning last week on the Pfizer news.

“Vaccine or no vaccine we’re going to continue to have a hard time economically well into the third quarter of next year, we’re going to need massive amounts of monetary stimulus and we’re very likely to get fiscal stimulus, which ultimately should help move inflation closer to target.”

Gold, considered a hedge against inflation and currency debasement, has gained over 24% this year, mainly benefiting from global stimulus measures to cushion the effect of the pandemic.

Coronavirus cases crossed the 11-million mark in the United States on Sunday.

While markets anticipate a return to normal in the second half of 2021, that “still leaves a massive gap in some of the economies globally that needs to be filled by governments and central banks”, said Saxo Bank analyst Ole Hansen.

Investors are now awaiting U.S. Federal Reserve Vice Chair Richard Clarida’s speech at 1900 GMT.

Silver eased 0.1% to $24.61 per ounce. Platinum rose 3.2% to $916.98, while palladium climbed 0.2% to $2,327.44.