Gold price drops as investors pile into equities

MINING.COM | Gold fell for the third time over the last four sessions on Tuesday as economies worldwide further eased lockdown restrictions, strengthening the short-term economic outlook and boosting investor confidence in riskier assets.


Spot gold declined 1.1% to a near two-week low of $1,708.28 an ounce by 3:30 pm EST. Gold futures were down 1.8% to $1,703.40 on the Comex in New York.


Meanwhile, US stocks surged to a 9-week high on heightened investor optimism about business restarts, with the S&P 500 back above 3,000 for the first time since March.


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