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Gold futures fell by 0.13% at $1,734.20 by 12:50 AM ET (5:50 AM GMT). Stocks, which usually move in the opposite direction to gold, were mostly down on Wednesday.
The U.S. announcement of a record increase in May retail sales on Tuesday led to an investor retreat from gold as hopes of a quick recovery from the economic impact of COVID-19 increased risk appetite and the dollar rose.
Meanwhile, investor sentiment was further boosted after the U.K. announced a “major breakthrough” in a COVID-19 cure on Tuesday. Dexamethasone, a cheap and widely used steroid, was proven to be the first drug able to save patients’ lives.