June 4, 2020 / 2:34 AM / a month ago

PRECIOUS-Gold rises on political frictions, weaker dollar

    June 4 (Reuters) - Gold prices gained from last session's
fall on lingering political tensions and a weaker dollar, but
were still near their lowest in over a week as equities were set
to extend their gains on economic optimism. 
            
    FUNDAMENTALS
    * Spot gold        rose 0.4% to $1,703.67 per ounce, as of
0212 GMT. On Wednesday, it fell 1.7% to reach its lowest since
May 27.
    * U.S. gold futures        were flat at $1,704.90.
    * The European Central Bank is certain to give more
stimulus, with the only question being timing- whether later on
Thursday or holding out until July.             
    * More stimulus and lower interest rates tend to benefit
gold, which is often seen as a hedge against inflation and
currency debasement.
    * The dollar index        has fallen about 1% this week,
making gold cheaper for holders of other currencies.       
    * The U.S. is expected to impose restrictions on at least
four additional state-run Chinese media outlets, sources said on
Wednesday.             
    * U.S. President Donald Trump's administration on Wednesday
barred Chinese passenger carriers from flying to the United
States starting on June 16.                 
    * Asian stocks were poised to extend gains on stimulus
measures.                
    * U.S. private payrolls fell less than expected in May,
suggesting layoffs were abating as businesses reopen, data
showed.             
    * Indicating economic recovery in China too, the country's
services sector returned to growth last month for the first time
since January, although job losses continued, a survey showed on
Wednesday.             
    * Banks should prepare for the possibility of a no-deal
Brexit, the Bank of England said on Wednesday.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings, rose 0.4% to 1,133.37
tonnes on Wednesday.          
    * Palladium        rose 0.6% to $1,961.17 per ounce and
platinum        rose 0.7% to $831.58, while silver        was
down 0.4% to $17.59.

    DATA/EVENTS (GMT)

1145  EU         ECB Refinancing Rate    June
1145  EU         ECB Deposit Rate        June
1230  US         International Trade     April
1230  US         Initial Jobless Claims  Weekly

 (Reporting by Harshith Aranya in Bengaluru; Editing by Shailesh
Kuber)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below