July 30, 2020 / 1:21 AM / 11 days ago

PRECIOUS-Gold eases as risk sentiment improves after Fed policy meeting

    July 30 (Reuters) - Gold prices edged lower on Thursday as
investors' appetite for riskier assets improved after the
Federal Reserve pledged to support the coronavirus-battered U.S.
economy, although a weaker dollar limited losses for the
bullion.
                                
    FUNDAMENTALS    
    * Spot gold        fell 0.3% to $1,964.51 per ounce by 0052
GMT after rising 1% in the previous session.       
    * U.S. gold futures        rose 0.3% to $1,959.60.
    * At the end of its two-day policy meeting on Wednesday, the
Fed said it will keep its interest rate target range until it is
confident the economy has weathered the COVID-19 pandemic and is
on track for maximum employment and price stability goals.
            
    * The surge in U.S. coronavirus cases is beginning to weigh
on economic activity, Fed Chair Jerome Powell said, and promised
the U.S. central bank would "do what we can, and for as long as
it takes," to limit damage and boost growth.             
    * Asian stocks were set to track an upbeat Wall Street
session on Thursday.            
    * Meanwhile, the dollar index        dropped to a near
two-year low against its rivals, making gold less expensive for
holders of other currencies.       
    * U.S. President Donald Trump said that his administration
and Democrats in Congress were still "far apart" on a new
coronavirus relief bill.             
    * More than 16.86 million people have been reported to be
infected by the novel coronavirus globally and 661,496​ have
died, according to a Reuters tally.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.1% to 1,241.96
tonnes on Wednesday.          
    * Silver        dropped 0.8% to $24.21 per ounce, while
platinum        gained 0.6% to $929.73 and palladium        rose
0.3% to $2,162.64.
    
    DATA/EVENTS (GMT)
0900  EU       Consumer Confid Final     July
0900  EU       Unemployment Rate         June
1230  US       GDP Advance               Q2
1230  US       Initial Jobless Claims    Weekly

 (Reporting by Brijesh Patel in Bengaluru; editing by
Uttaresh.V)
  
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