July 14, 2020 / 1:12 AM / a month ago

PRECIOUS-Gold eases on firmer dollar, virus fears cap losses

    July 14 (Reuters) - Gold slipped on Tuesday to trade below
the key $1,800 level due to a stronger dollar, though concerns
over surging coronavirus cases around the world and Sino-U.S.
tensions put a floor under bullion prices. 
                            
    FUNDAMENTALS    
    * Spot gold        was down 0.2% to $1,798.52 per ounce by
0042 GMT. U.S. gold futures        fell 0.7% to $1,802.20.
    * The dollar index        rose 0.1% against its rivals,
making gold more expensive for holders of other currencies.
      
    * More than 13.02 million people have been reported to be
infected by the novel coronavirus globally and 569,336​ have
died, according to a Reuters tally.             
    * California Governor Gavin Newsom ordered a massive
retrenchment of the state's reopening on Monday, shutting bars
and banning indoor restaurant dining statewide and closing
churches, gyms and hair salons in hardest-hit counties.
            
    * Tensions also grew between the United States and China
over disputed claims to offshore resources throughout the South
China Sea, with U.S. officials saying China's claims were
"unlawful."                          
    * Gold is often used as a safe store of value during times
of political and financial uncertainty.
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.3% to 1,203.97
tonnes on Monday.          
    * Asian shares are showing a mixed picture on Tuesday after
a volatile day in U.S. equity markets amid persistent concerns
over the record number of new coronavirus cases worldwide and
signs of an economic rebound.            
    * Palladium        was steady at $1,979.42 per ounce, while 
platinum        rose 0.6% to $833.14. Silver        edged 0.1%
lower to $19.07.
    
    DATA/EVENTS (GMT)
0600  UK       GDP Estimate MM, 3M/3M, YY    May
1230  US       CPI MM, SA                    June
--    China    Exports, Imports YY           June
               Trade balance USD 
      Japan   Bank of Japan holds Monetary Policy Meeting

 (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu
Sahu)
  
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