June 8, 2020 / 1:11 AM / a month ago

PRECIOUS-Gold dips as strong U.S. jobs data boosts risk sentiment

    June 8 (Reuters) - Gold prices slipped on Monday as an
unexpected improvement in U.S. employment numbers boosted
optimism about economic recovery, boosting risk appetite and
denting the appeal of the safe-haven metal. 
            
    FUNDAMENTALS    
    * Spot gold        was down 0.2% at $1,682.57 per ounce, as
of 1241 GMT. U.S. gold futures        were up 0.3% at $1,688.10.
    * Last week, the bullion dropped 2.4%, its largest weekly
fall since the week ended March 13 and a third consecutive
weekly drop.
    * The U.S. economy unexpectedly added jobs in May after
suffering record losses in the prior month, data on Friday
showed, indicating that the downturn triggered by the
coronavirus outbreak was probably over and boosted equity
markets.                         
    * Focus is now on the U.S. central bank, which will hold a
two-day policy meeting ending on Wednesday.
    * However, showing signs that the effects from the pandemic
are still present, China's exports contracted in May, after a
surprising gain in April, while imports fell more-than-expected
to a four-year low.             
    * Global deaths from the novel coronavirus topped 400,000 on
Sunday, as cases surged in Brazil and India and the global
number of cases approached 7 million, according to a Reuters
tally.             
    * Risk sentiment was also kept in check by continuing
demonstrations for police reforms in the United States.
            
    * Speculators cut their bullish positions in COMEX gold, and
increased them in silver contracts in the week to June 2, the
U.S. Commodity Futures Trading Commission said on Friday.
       
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings, dipped 0.4% to 1,128.11
tonnes on Friday.          
    * Palladium        rose 0.4% to $1,961.30 per ounce and
silver        was up 0.5% to $17.45, while platinum       
declined 1.7% to $821.78.

    
    DATA/EVENTS (GMT)
    
0600  Germany  Industrial Output MM  April
0645  France   Reserve Assets Total  May

 (Reporting by Harshith Aranya in Bengaluru; Editing by Rashmi
Aich)
  
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