PRECIOUS-Gold flat as virus fears offset gains in equities

PRECIOUS-Gold flat as virus fears offset gains in equities

Reuters  | Jul 03, 2020 20:20

PRECIOUS-Gold flat as virus fears offset gains in equities

* Positive U.S. jobs, Chinese services data push stocks
higher
* Platinum eyes first weekly rise in six
* Silver on track for fourth straight weekly gain
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser.

(Updates prices)
By Nakul Iyer
July 3 (Reuters) - Gold prices were little changed on Friday
as worries over an accelerating number of coronavirus cases
countered a fillip to risk sentiment from positive U.S. and
Chinese economic data.
Spot gold XAU= was mostly unchanged at $1,775.32 per ounce
by 1152 GMT. Most U.S. markets are closed on Friday ahead of
Independence Day on July 4.
U.S. gold futures GCv1 edged down 0.2% to $1,787.20 per
ounce.
"Central bank easing policies and uncertainty surrounding
the second wave (of COVID-19) are sustaining gold prices," Bank
of China International analyst Xiao Fu said, adding that despite
a positive U.S. jobs report, more data was needed to suggest the
economy was on a strong footing.
Gold will likely trade in a tight range, but remains well
supported above $1,750 an ounce, Xiao Fu said.
Cases of coronavirus continued to increase globally, with
more than 10.89 million people infected, while the United States
reported a new daily global record number of cases. "Geopolitical considerations are also to the fore," said
Jeffrey Halley, a senior market analyst at OANDA. "With a
holiday in the United States, and the weekend upon us, some
haven-directed buying of gold is definitely evident."
Escalating political tensions, more than 75 members of the
U.S. Congress sent a letter to President Donald Trump urging him
to make a formal determination on whether China's treatment of
Muslim Uighurs and other groups constituted an atrocity.
Indicative of sentiment, holdings of the SPDR Gold Trust
GLD , rose 0.8% to 1,191.47 tonnes on Thursday. GOL/ETF
But stemming gains in bullion, data showing a recovery in
China's services sector and a record addition of jobs to the
U.S. economy in June, helped world shares inch towards a
four-month high. MKTS/GLOB
Palladium XPD= fell 0.3% to $1,896.34 per ounce, while
platinum XPT= rose 0.1% to $803.91 per ounce, set for its
first weekly gain in six.
Silver XAG= gained 0.4% to $17.97 per ounce, heading for
its fourth consecutive weekly gain.

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