(Reuters) – Gold fell for a second straight session on Wednesday as stocks jumped on hopes for further stimulus and optimism about an economic recovery, dampening demand for the safe-haven metal.

Spot gold slipped 0.3% to $1,721.86 per ounce by 0626 GMT, after declining 0.7% on Tuesday. U.S. gold futures fell 0.4% to $1,726.90.

“There are a lot of investors who bought gold as a hedge for stocks, but stocks are going up and they don’t see value in that now,” said Stephen Innes, chief market strategist at financial services firm AxiCorp.

Reducing the appeal of gold, global shares vaulted to a near three-month high amid signs of a recovery in business activity as governments restart their economies.

Governments and central banks around the globe have unleashed unprecedented fiscal and monetary stimulus for their economies floored by the coronavirus pandemic.

Investors now await a meeting of the European Central Bank on Thursday and hope that it will deliver additional stimulus, by around 500 billion euros.

“Nevertheless, the weak economic backdrop continues to provide some support, with investors continuing to pile into gold-backed ETFs,” ANZ analysts wrote in a note.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose for the sixth straight session on Tuesday.

Meanwhile, the dollar index .DXY fell to a more than two-month low, and demonstrations continued against police brutality in the United States, providing some support to the metal.

There is not much pressure on gold to fall below the $1,700 level, Innes said, adding that investors would continue to buy it on dips amid low interest rates and prevailing uncertainties.

In other metals, palladium rose 1.6% to $1,980.42 per ounce, while platinum fell 0.3% to $836.76.

Silver fell 1.2% to $17.87, having hit its highest since Feb. 25 on Monday.