Gold slips amid optimism US will restart economy
Risk appetite returns but recession fears keep bullion on track for second straight weekly rise
Gold prices fell on Friday as optimism over initial plans to reopen the US economy lifted risk appetite, but heightened worries over the worst recession in decades kept bullion on track for its second straight weekly rise.
Spot gold eased 0.8% to $1,704.52/oz by 3.46am GMT. The metal was up about 0.9% for the week so far. US gold futures slipped 0.7% to $1,719.80/oz. While there is a “temporal mismatch” between the financial markets and the real economy, the reopening of the US economy is suggesting a recovery may come a lot quicker than expected, in turn weighing on gold, said Stephen Innes, chief market strategist at financial services firm AxiCorp...
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