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Gold Retreats On Hopes Of Economic Recovery

Gold prices fell about 1 percent on Thursday as easing of lockdowns and the possibility of a coronavirus vaccine spurred hopes of a swift recovery in global growth.

Spot gold dropped 0.9 percent to $1,732.69 per ounce, while U.S. gold futures were down 1.1 percent at $1,733.20.

All 50 U.S. states have at least partially eased tight restrictions on businesses, despite persistent levels of hospitalizations and/or new coronavirus cases.

There is some optimism as some of the hardest-hit areas, including New York, New Jersey and Washington states are now showing the sharpest declines in new cases and deaths.

Meanwhile, the minutes from the Fed's latest policy meeting showed that policymakers acknowledged the possibility of further support measures if the economic downturn persists.

The dollar rose ahead of the initial U.S. jobless claims data due later in the day. Economists expect claims to climb by 2.35 million in the week of May 10 to May 16.

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