Gold steadied after falling the most in more than a month as investors their lost appetite for havens amid a global stock rally driven by firming hopes for a swifter global economic recovery.
Spot gold little changed at $1,700.36/oz at 10:59am in Sydney after -1.6% Wednesday. Silver -0.3%, platinum -0.1%, palladium -0.1%. The Bloomberg Dollar Spot Index steady.
The reopening of economies and the unprecedented levels of stimulus across the world have spurred a rally in U.S. equity futures and Asian stocks -- and perhaps straight-up euphoria. Earlier, U.S. private payrolls showed fewer job losses than forecast, adding to optimism that the worst of the coronavirus-related hit to the labor market is over.
Source : Bloomberg