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Gold prices fell on Monday as hopes of reopening of economies and signs of a slowing coronavirus death rate in some of the world's worst-hit countries helped investors shrug off a staggering jump in U.S. job losses.
Spot gold dropped 0.3 percent to $1,698.43 per ounce, after having lost nearly 1 percent in the previous session. U.S. gold futures were down 0.9 percent at $1,699.20.
Data showed on Friday the U.S. economy lost fewer jobs in April than feared due to the coronavirus crisis.
U.S. non-farm employment plummeted by 20.5 million jobs in April, compared to expectations of 22.0 million.
Asian stocks ended broadly higher today as France, Italy and the U.K. all reported the fewest coronavirus deaths since March, and the People's Bank of China pledged "more powerful" policies to counter the hit to growth.
European markets, however, edged lower after China and South Korea reported new spikes in coronavirus cases, raising fears that too hasty a return to normal could spark a second wave of coronavirus infections.
Germany has also seen regional spikes in cases linked to slaughterhouses and nursing homes, official data showed Sunday, just days after Chancellor Angela Merkel said the country could gradually return to normal.
