March 17, 2020 / 1:24 AM / 18 days ago

PRECIOUS-Gold extends losses from Monday's meltdown on flight for cash

    March 17 (Reuters) - Gold prices inched lower on Tuesday,
following a meltdown in precious metals last session, as
investors continued to sell assets across markets to keep their
money in cash amid heightened panic over the coronavirus
pandemic.  
    
    FUNDAMENTALS
    * Spot gold        slipped 0.2% to $1,511.30 per ounce by
0039 GMT, having slumped as much as 5.1% on Monday to its lowest
since November.
    * U.S. gold futures        rose 1.7% to $1,511.50.
    * Most Asian shares fell after Wall Street's historic market
rout, with fleeting initial gains evaporating as the coronavirus
remained a major risk to economic growth.             
    * International Monetary Fund Managing Director Kristalina
Georgieva on Monday said 20 additional countries had asked about
receiving aid as the outbreak halts economic activity, and she
called for strong, coordinated fiscal stimulus to limit the
damage.             
    * Japanese business confidence plunged to decade lows in
March as the spreading epidemic stoked fears of a global
recession and sent stock markets tumbling, the Reuters Tankan
survey showed.             
    * Britain's economy looks on track to grow by the smallest
amount since the financial crisis this year as the outbreak
threatens to drag major economies into recession, the British
Chambers of Commerce said.             
    * Euro zone finance ministers pledged on Monday an
"unlimited" commitment to fight the economic fallout of the
pandemic, saying they would do whatever it takes and more to
restore confidence and a rapid recovery.             
    * U.S. Treasury Secretary Steven Mnuchin on Monday said he
was seeking a "big number" for an additional stimulus package
intended to prop up the economy amid the virus, but he did not
elaborate.             
    * U.S. President Donald Trump urged Americans to halt most
social activities for 15 days and not congregate in groups
larger than 10 people in a newly aggressive effort to reduce the
spread of the virus in the United States.             
    * Palladium        rose 2.5% to $1,657.03 per ounce, having
plummeted as much as 18% in the previous session.
    * Platinum        rose 3% to $638 per ounce, after posting
its biggest one-day percentage decline ever on Monday.
    * Silver        gained 2.2% to $13.18 per ounce, having
touched its lowest since 2009 on Monday.
    
DATA/EVENTS (GMT)
0930 UK      Claimant Count Unemployment Chng (Feb)
0930 UK      ILO Unemployment Rate (Jan)
1000 Germany ZEW Economic Sentiment (March)
1000 Germany ZEW Current Conditions (March)
1230 U.S.    Retails Sales MM (Feb)
1315 U.S.    Industrial Production MM (Feb)

 (Reporting by K. Sathya Narayanan in Bengaluru; Editing by
Subhranshu Sahu)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below