June 23, 2020 / 1:31 AM / 17 days ago

PRECIOUS-Gold firms near 1-month high as coronavirus cases rise

    June 23 (Reuters) - Gold prices edged up on Tuesday after
notching a more than one-month high in the previous session, as
coronavirus cases around the world surged and nervous investors
opted for safe-haven assets. 
                
    FUNDAMENTALS    
    * Spot gold        was up 0.2% to $1,758.03 per ounce as of
0124 GMT. Prices hit $1,762.84 per ounce on Monday, its highest
level since May 18.
    * U.S. gold futures        edged 0.2% higher to $1,770.10
per ounce.
    * New infections spiked in Latin America, in Brazil in
particular, while New York City, the epicenter of the U.S.
outbreak, eased restrictions after 100 days of lockdown.
                         
    * Outside of New York, other U.S. states saw rising
coronavirus cases.             
    * The dollar index        fell 0.1% against its rivals,
making gold cheaper for holders of other currencies.       
    * Asian stocks were set to edge up on Tuesday after oil
prices rose and technology firms pushed Wall Street higher.
           
    * The European Union told China on Monday to make good on a
promise to open up its economy and warned of "very negative
consequences" if Beijing goes ahead with a new security law on
Hong Kong that the West says will curtail basic rights.
            
    * 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 0.6% to 1,166.04
tonnes on Monday from 1,159.31 tonnes on Friday.          
    * Palladium        fell 0.5% to $1,928.26 per ounce,
platinum        dropped 0.6% to $817.40. Silver        eased
0.2% to $17.79 after hitting a more than one-week high on
Monday.
    
    DATA/EVENTS (GMT)
    
0800  EU    Markit Mfg, Serv, Comp Flash PMIs  June
0830  UK    Flash Manufacturing, Services PMIs June
1345  US    Markit Mfg, Serv, Comp Flash PMIs  June
1400  US    New Home Sales-Units               May

 (Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi
Aich)
  
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