SINGAPORE: Gold prices ticked up on Thursday, after a rally in equity markets in the previous session on tentative signs of economic recovery as mandated shutdowns ease sparked the biggest daily fall in the metal since April 30.

Spot gold rose 0.2% to $1,701.02 per ounce by 0715 GMT after a 1.7% drop on Wednesday. US gold futures fell 0.1% to $1,703.70.

The market is seeing some "corrective action" after Wednesday's steep decline, said DailyFx currency strategist Ilya Spivak.