Barrick Gold CEO on gold demand amid coronavirus pandemic

Mark Bristow, CEO of Barrick Gold, joins "Squawk Box" to discuss reopening the U.S. economy, demand for gold during the coronavirus pandemic and what the "new normal" may look like after the crisis ends.

Gold fell more than 1% on Wednesday, pressured by a stronger dollar and expectations that gold supplies will grow as bullion refineries resume operations, and on gradual improvement in investor risk appetite as countries have begun to ease coronavirus restrictions.

Spot gold slipped 1.2% to $1,685.00 per ounce.

U.S. gold futures fell 1.3% to $1,688.30, narrowing its lead over the London spot prices to just around $3.3 after two of the world’s biggest gold refiners said they are restoring almost all operations.

This ended six weeks of closures that disrupted global gold supply and helped drive prices in New York and London further apart than they have been in decades. Gold has risen about 11% so far this year as the global economy has slumped during the pandemic.

“It’s a probably a combination of more supply coming into the COMEX, and probably a little bit less interest as risk appetite is growing and the U.S. dollar rallies,” said Bart Melek, head of commodity strategies at TD Securities.

Many countries like Italy, Germany and the United States are tentatively easing lockdowns.

U.S. stocks opened higher on hopes of a pickup in business activity while investors looked past a stunning 20 million plunge in U.S. private payrolls last month.

Further denting gold’s appeal, the dollar index rose 0.4% to a more than one-week high.

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