June 4, 2020 / 2:35 AM / a month ago

PRECIOUS-Gold rises on political frictions, weaker dollar

    June 4 (Reuters) - Gold prices gained from last session's
fall on lingering political tensions and a weaker dollar, but
were still near their lowest in over a week as equities were set
to extend their gains on economic optimism. 
    * Spot gold        rose 0.4% to $1,703.67 per ounce, as of
0212 GMT. On Wednesday, it fell 1.7% to reach its lowest since
May 27.
    * U.S. gold futures        were flat at $1,704.90.
    * The European Central Bank is certain to give more
stimulus, with the only question being timing- whether later on
Thursday or holding out until July.             
    * More stimulus and lower interest rates tend to benefit
gold, which is often seen as a hedge against inflation and
currency debasement.
    * The dollar index        has fallen about 1% this week,
making gold cheaper for holders of other currencies.       
    * The U.S. is expected to impose restrictions on at least
four additional state-run Chinese media outlets, sources said on
    * U.S. President Donald Trump's administration on Wednesday
barred Chinese passenger carriers from flying to the United
States starting on June 16.                 
    * Asian stocks were poised to extend gains on stimulus
    * U.S. private payrolls fell less than expected in May,
suggesting layoffs were abating as businesses reopen, data
    * Indicating economic recovery in China too, the country's
services sector returned to growth last month for the first time
since January, although job losses continued, a survey showed on
    * Banks should prepare for the possibility of a no-deal
Brexit, the Bank of England said on Wednesday.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings, rose 0.4% to 1,133.37
tonnes on Wednesday.          
    * Palladium        rose 0.6% to $1,961.17 per ounce and
platinum        rose 0.7% to $831.58, while silver        was
down 0.4% to $17.59.


1145  EU         ECB Refinancing Rate    June
1145  EU         ECB Deposit Rate        June
1230  US         International Trade     April
1230  US         Initial Jobless Claims  Weekly

 (Reporting by Harshith Aranya in Bengaluru; Editing by Shailesh
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