PRECIOUS-Gold recovers as U.S. stimulus concerns dent risk sentiment

PRECIOUS-Gold recovers as U.S. stimulus concerns dent risk sentiment

Reuters  | Aug 12, 2020 09:20

PRECIOUS-Gold recovers as U.S. stimulus concerns dent risk sentiment

Aug 12 (Reuters) - Gold clawed back some lost ground on
Wednesday, after sinking 6% in the previous session, as equities
stalled on doubts over an additional round of U.S. fiscal
stimulus and rising Sino-U.S. tensions.

FUNDAMENTALS
* Spot gold XAU= was up 0.5% at $1,920.04 per ounce by
0045 GMT, having suffered its largest one-day drop in more than
seven years on Tuesday due to a bounce in risk appetite and
firmer dollar.
* U.S. gold futures GCv1 fell 0.7% to $1,930.70.
* A stalemate between the Republican White House and
congressional Democrats over coronavirus relief ended in a
fourth day without talks on Tuesday, with each party blaming the
other for intransigence. * President Donald Trump's executive order banning China's
TikTok could prevent U.S. app stores from offering the popular
short-video app and make advertising on the platform illegal,
according to a White House document seen by Reuters.
* Meanwhile, Trump said his relationship with Chinese
President Xi Jinping has frayed in the wake of the COVID-19
pandemic. * More than 20.19 million people have been reported to be
infected by the new coronavirus globally and 736,577​ have died,
according to a Reuters tally. * Asian stocks were set for choppy trade after Wall Street
dipped amid growing uncertainty about an additional round of
U.S. fiscal stimulus. MKTS/GLOB
* The dollar index .DXY held steady against a basket of
major currencies. USD/
* SPDR Gold Trust GLD , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.3% to 1,257.93
tonnes on Tuesday.
* Silver XAG= rose 1.6% to $25.18 per ounce, platinum
XPT= gained 0.5% to $934.52 and palladium XPD= was steady at
$2,091.59.

DATA/EVENTS (GMT)
0130 Australia Wage Price Index Q2
0600 Britain GDP Prelim Q2
1230 U.S. CPI MM, SA July
1230 U.S. CPI YY, NSA July


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