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Gold Drops Towards US$1,700 as Economies Show Signs of Restarting
Tuesday, 28 April 2020 10:01 WIB | PRECIOUS METALS |GOLDEMAS

Gold fell for a third day as a drumbeat of moves towards reopening economies plus gains in stocks eroded appetite for havens, with prices weakening towards US$1,700 an ounce even ahead of policy announcements from two of the world's leading central banks.

The precious metal eased after US equities hit the highest in almost seven weeks as states including Florida took steps towards easing restrictions. Italy, one of the countries hit hardest, prepared to begin reopening, although the World Health Organization has warned the coronavirus pandemic is far from over.

Spot gold fell as much as 0.6 per cent to US$1,703.94 an ounce and traded at US$1,705.64 at 9.23am in Singapore. Prices - which rallied to US$1,747.36 on April 14, the highest since 2012 - lost a combined 1 per cent over Monday and Friday.

Source : Businesstimes.com

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