August 8, 2019 / 1:31 AM / in 17 days

PRECIOUS-Gold rises on darkening economic outlook, rate cuts

Aug 8 (Reuters) - Gold prices rose again on Thursday after topping the $1,500 mark in the previous session, as central banks around the world slashed interest rates amidst fears of a global recession.

FUNDAMENTALS

* Spot gold rose 0.3% to $1,505 per ounce as of 0104 GMT.

* On Wednesday, gold soared over 2% to break the $1,500 barrier for the first time in over six years.

* U.S. gold futures were down 0.3% at $1,515.30 an ounce.

* Chicago Fed President Charles Evans signalled on Wednesday he was open to lowering rates to bolster inflation and to counter risks to economic growth.

* Futures moved to price in a 100% probability of an Fed easing in September.

* U.S. 10-year Treasury yields dropped further below three-month rates, an inversion that has reliably predicted recessions in the past.

* Central banks in New Zealand, India and Thailand surprised markets with aggressive easings on Wednesday. The Philippines central bank is expected to cut later today.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 1.02% to 845.42 tonnes on Wednesday from 836.92 tonnes on Tuesday.

DATA AHEAD (GMT)

* 1230 US Initial Jobless Claims weekly

* N/A China Exports YY July

* N/A China Imports YY July

* N/A China Trade Balance USD July (Reporting by Harshith Aranya in Bengaluru; editing by Richard Pullin)

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