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Gold slides as economic recovery hopes dent safe-haven bids

by the owl speaks

Gold dropped on Thursday, pressured by expectations of a rapid recovery from the coronavirus-driven recession though losses were capped by prospects of more stimulus and grim results.

Spot gold slipped 0.6 per cent per ounce to $1,738.97. US gold futures were down 0.6 percent to $1,740.80.

In anticipation of a fast recovery from the coronavirus-driven recession, global equities and oil prices soared overnight.

“There is still some optimism and risk-on feeling about the possibility of slowly picking up a vaccine and lockdown easing and growth talks,” said John Sharma, economist at National Australia Bank.

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