PRECIOUS-Gold gains as equity rally halts, dollar softens

PRECIOUS-Gold gains as equity rally halts, dollar softens

Reuters  | Jun 05, 2020 09:30

PRECIOUS-Gold gains as equity rally halts, dollar softens

June 5 (Reuters) - Gold prices rose on Friday on a weaker
U.S. dollar and a pause in the recent rallies in global equity
markets, amid signs of lingering economic damage from the
coronavirus crisis that had investors moving towards the
safe-haven metal.

FUNDAMENTALS
* Spot gold XAU= was up 0.2% at $1,714.78 per ounce, as of
1256 GMT. U.S. gold futures GCv1 were down 0.3% at $1,721.90.
* However, the bullion was set for a third consecutive
weekly drop.
* The dollar index .DXY has fallen over 1.5% this week,
making gold cheaper for holders of other currencies. USD/
* The rally in Asian equities was set to pause, even as the
week's global equity rally lost some steam on Thursday as
traders took gains. MKTS/GLOB
* Showing lingering economic damage, U.S. jobless claims
fell below 2 million for the first time since mid-March, but
remains very high; and U.S. trade deficit surged in April with
exports at a 10-year low, data showed on Thursday. * Investors now wait for the U.S. nonfarm payrolls data due
later in the day, and is likely to show payrolls falling by 8
million after a record 20.537 million plunge in April, according
to a Reuters survey of economists. * Meanwhile, the European Central Bank approved a
larger-than-expected expansion of its stimulus package on
Thursday. * Japan's household spending suffered the biggest annual
drop on record in April, although the fall was not as large as
analysts had forecast. * SPDR Gold Trust GLD , the world's largest gold-backed
exchange-traded fund, said its holdings, dipped 0.1% to 1,132.21
tonnes on Thursday. GOL/ETF
* Palladium XPD= rose 0.7% to $1,946.55 per ounce and
platinum XPT= climbed 0.4% to $840.39, while silver XAG= was
trading flat at $17.72.


DATA/EVENTS (GMT)

0600 Germany Industrial Orders MM April
0730 UK Halifax House Prices MM May
1230 US Non-Farm Payrolls May
1230 US Unemployment Rate May
1230 US Average Earnings YY May


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