By Eileen Soreng
(Reuters) – Gold prices fell more than 1% on Tuesday, as the end of confinements to contain the coronavirus in many countries raised hopes of an economic recovery and fueled risk appetite.
* Spot gold fell 1.1% to $ 1,710.95, after hitting a May 13 low of $ 1,708.47 an ounce, while US gold futures closed down 1 , 7% to $ 1,705.60.
* “There is a risk taking in the market that is driving the reversal of safe haven (gold) flows,” said Daniel Ghali, commodity strategist at TD Securities.
* US stocks rose as investors were more optimistic about reopening of stores and a possible coronavirus vaccine.
* “A drop below $ 1,700 could open doors to $ 1,680 (per ounce of gold),” said FXTM analyst Lukman Otunuga. “However, bearish pressure is likely to be offset by trade problems, disappointing economic data and fear of growth.”
* White House economic adviser Larry Kudlow said President Donald Trump is so “upset” with Beijing about the coronavirus and other issues that the trade deal they signed is no longer as important to him as it was.
* Among other precious metals, palladium lost 1.3% to $ 1,966.43 an ounce and platinum fell 1.2% to $ 828.45, while silver fell 0.5% to 17.12 Dollars.
(Report by Brijesh Patel in Bengaluru; Edited in Spanish by Ricardo Figueroa)
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