PRECIOUS-Gold ticks higher on softer dollar; China data in focus

PRECIOUS-Gold ticks higher on softer dollar; China data in focus

Reuters  | Aug 14, 2020 09:10

PRECIOUS-Gold ticks higher on softer dollar; China data in focus

Aug 14 (Reuters) - Gold prices rose for a third straight
session on Friday, supported by a weaker U.S. dollar, with
investors awaiting the release of Chinese economic data due
later in the day.

FUNDAMENTALS
* Spot gold XAU= was up 0.4% at $1,960.29 per ounce by
0044 GMT. However, bullion has fallen nearly 4% so far this week
and was on track for its first weekly decline since early June.
* U.S. gold futures GCv1 eased 0.2% to $1,967.50 per
ounce.
* The dollar index .DXY fell for a third consecutive
session against its rivals, making gold cheaper for holders of
other currencies. USD/
* China is slated to publish activity data for July
including retail sales, industrial production and urban
investment at 0200 GMT.
* Data out of the United States on Thursday showed jobless
claims dropped below one million last week for the first time
since the start of the COVID-19 pandemic, although at least 28
million people are still receiving unemployment checks,
indicating a weak labour market. * More than 20.73 million people have been reported to be
infected by the novel coronavirus globally and 749,871​ have
died, according to a Reuters tally. * Washington continues to remain in a stalemate over
additional U.S. stimulus plan. President Donald Trump said he
was blocking Democrats' effort to include funds for the U.S.
Postal Service and election infrastructure in a new coronavirus
relief bill. * Asian shares were set for a largely flat start on Friday.
MKTS/GLOB
* SPDR Gold Trust GLD , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.1% to 1,252.09
tonnes on Thursday. GOL/ETF
* Silver XAG= edged 0.1% lower to $27.53 per ounce,
platinum XPT= was steady at $956.96 and palladium XPD= eased
0.1% to $2,163.97.

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