Gold prices fell for the first time in three days on speculation the economy will improve, eroding the appeal of the precious metal as a haven. Silver also dropped. Global equities rallied as Group of 20 leaders met to discuss stimulus plans amid mounting evidence the worst of the recession may be over. Investment in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, has been unchanged since March 27. “The fear is coming down, and so is gold,” said Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois. “If gold is an indicator of fear and trepidation, as fear diminishes, people will sell gold.” Gold futures for June delivery fell $13.60, or 1.5 percent, to $914.10 an ounce at 9:10 a.m. on the Comex division of the New York Mercantile Exchange. The price rose 1.1 percent in the previous two days. Silver futures for May delivery declined 5.5 cents, or 0.4 percent, to $12.92 an ounce, heading for a fifth straight loss. Before today, gold climbed 4.9 percent, and silver gained 15 percent this year.

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