Gold prices fall

World Gold prices fell 2 per cent as investors opted for riskier assets following news of US President Donald Trump’s plans to restart the US economy and promising early data related to a potential COVID-19 treatment. Gold was down 1,8 per cent at $1,686.45 an ounce. Earlier this week, it scaled a seven-year peak on concerns over the worst recession in decades.

“The latest sentiment drift to the positive side and narrative that a plan to return to normal is now afoot are seeing spot gold trading back through $1,700-an-ounce technical support,” Saxo Bank analyst Ole Hansen said.

Global financial markets drew comfort from Trump’s plans for a gradual reopening of the US economy, overshadowing anxiety over data showing China that suffered its worst quarterly economic contraction on record. — Reuters.