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Gold prices fell sharply on Friday amid improved risk appetite after U.S. President Donald Trump gave governors guidance on reopening state economies in the coming months.
Spot gold fell 1.6 percent to $1,689.69 per ounce, while U.S. gold futures were down 1.7 percent at $1,702.70.
Trump told the nation's governors on Thursday that they could begin reopening businesses, restaurants and other elements of daily life by May 1 or earlier if they wanted to for recovering from the economic pain of the coronavirus pandemic.
Meanwhile, investors brushed aside weak GDP data from China to focus on the most promising results against the new coronavirus.
Health-care publication STAT News reported that the experimental Covid-19 treatment remdesivir is showing promise in a Chicago clinical trial.
China's first quarter GDP shrank 6.8 percent in 2020 as compared to a year ago, marking the first quarterly decline since 1992.
Fixed asset investment in the first quarter tumbled an annual 16.1 percent and industrial production dipped 1.1 percent year-on-year in March, while retail sales plunged 15.8 percent in the month, the National Bureau of Statistics said.
