Gold dropped on Wednesday as rising equities and hopes for further economic recovery in the United States prompted some investors to shift to riskier assets, but lower prices could spur bargain hunting from jewellers. Spot gold fell $4.55 to $1,335.90 an ounce by 0709 GMT - well below a lifetime high around $1,430 struck in December. Trading slowed to a trickle in Asia ahead of the Lunar New Year celebration.