Gold is getting cheaper amid rising risk appetite due to softening restrictions

US, WASHINGTON (ORDO NEWS) — The price of gold has been declining for the third session in a row on Tuesday amid optimism about easing restrictions associated with the coronavirus epidemic in some countries.

The spot price of gold fell 0.44% to $ 1.707.89 per troy ounce by 14:03 UTC, losing 1.4% a day earlier.

“Gold has lost some luster due to the assumption that the relaxation of restrictions will lead to a V-shaped recovery, while reducing the need for gold as a diversifier and hedge,” said Ole Hansen, an analyst with Saxo Bank.

Palladium went up 1.45% to $ 1.936.71 an ounce, while silver fell 1.23% to $ 15.08. The price of platinum rose 0.27% to $ 759.38 an ounce.

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