July 9, 2020 / 1:16 AM / a month ago

PRECIOUS-Gold eases as economic recovery hopes boost risk appetite

    July 9 (Reuters) - Gold prices eased on Thursday from a near
nine-year high scaled in the previous session, as hopes of an
economic recovery lifted risk-on sentiment, although losses were
capped by worries over rising coronavirus cases across the
    * Spot gold        fell 0.2% to $1,806.30 by 0046 GMT, after
rising to its highest level since September 2011 at $1,817.71 on
    * U.S. gold futures        eased 0.1% to $1,818.40 per
    * Asian equities were expected to rise on hopes of a robust
economic recovery as investors looked ahead to the earnings
season. U.S markets rose on Wednesday, with the Nasdaq ending at
a record high.            
    * However, Federal Reserve officials on Wednesday suggested
the U.S. recovery may be stalling, raising doubts about its
    * Global coronavirus cases clocked over 12 million on
Wednesday, with more than half a million dead.             
    * Gold is often used as a safe store of value during times
of political and financial uncertainty.
    * Japan's core machinery orders rose 1.7% in May from the
previous month, versus a 5.4% drop forecast by economists in a
Reuters poll. The core orders are regarded as an indicator of
capital spending in the coming six to nine months.             
    * Britain's finance minister promised an additional $38
billion to head off an unemployment crisis.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.27% to 1,182.11
tonnes on Wednesday.          
    * Palladium        rose 1.2% to $1,939.55 per ounce and
platinum        climbed 0.3% to $846.50, while silver       
lost 0.7% to $18.64.
0930  China    PPI YY, CPI YY           June
2030  US       Initial Jobless Claims   Weekly

 (Reporting by Harshith Aranya in Bengaluru; Editing by
Subhranshu Sahu)
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