PRECIOUS-Gold eases as risk sentiment improves after Fed policy meeting

PRECIOUS-Gold eases as risk sentiment improves after Fed policy meeting

Reuters  | Jul 30, 2020 09:20

PRECIOUS-Gold eases as risk sentiment improves after Fed policy meeting

July 30 (Reuters) - Gold prices edged lower on Thursday as
investors' appetite for riskier assets improved after the
Federal Reserve pledged to support the coronavirus-battered U.S.
economy, although a weaker dollar limited losses for the
bullion.

FUNDAMENTALS
* Spot gold XAU= fell 0.3% to $1,964.51 per ounce by 0052
GMT after rising 1% in the previous session. USD/
* U.S. gold futures GCv1 rose 0.3% to $1,959.60.
* At the end of its two-day policy meeting on Wednesday, the
Fed said it will keep its interest rate target range until it is
confident the economy has weathered the COVID-19 pandemic and is
on track for maximum employment and price stability goals.
* The surge in U.S. coronavirus cases is beginning to weigh
on economic activity, Fed Chair Jerome Powell said, and promised
the U.S. central bank would "do what we can, and for as long as
it takes," to limit damage and boost growth. * Asian stocks were set to track an upbeat Wall Street
session on Thursday. MKTS/GLOB
* Meanwhile, the dollar index .DXY dropped to a near
two-year low against its rivals, making gold less expensive for
holders of other currencies. USD/
* U.S. President Donald Trump said that his administration
and Democrats in Congress were still "far apart" on a new
coronavirus relief bill. * More than 16.86 million people have been reported to be
infected by the novel coronavirus globally and 661,496​ have
died, according to a Reuters tally. * SPDR Gold Trust GLD , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.1% to 1,241.96
tonnes on Wednesday. GOL/ETF
* Silver XAG= dropped 0.8% to $24.21 per ounce, while
platinum XPT= gained 0.6% to $929.73 and palladium XPD= rose
0.3% to $2,162.64.

DATA/EVENTS (GMT)
0900 EU Consumer Confid Final July
0900 EU Unemployment Rate June
1230 US GDP Advance Q2
1230 US Initial Jobless Claims Weekly

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