Edition:
United Kingdom

Harshith Aranya

RPT-Asia Rice-Virus slows Indian exports; heavy flooding hits Bangladesh

31 Jul 2020

* Nearly 50,000 hectares of paddy fields in Bangladesh submerged

Asia Rice-Virus slows Indian exports; heavy flooding hits Bangladesh

30 Jul 2020

* Nearly 50,000 hectares of paddy fields in Bangladesh submerged

PRECIOUS-Gold poised for 5th straight weekly rise as risk appetite wanes

10 Jul 2020

* Interactive graphic tracking global spread of coronavirus: open https://tmsnrt.rs/3aIRuz7 in an external browser

PRECIOUS-Gold holds above $1,800 level as virus casts long shadow

09 Jul 2020

* Interactive graphic tracking global spread of coronavirus: open https://tmsnrt.rs/3aIRuz7 in an external browser

PRECIOUS-Gold gains as gloomy UK economic data spurs safe-haven demand

12 Jun 2020

* Gold up more than 2.5% so far this week * Platinum set for largest weekly fall since April * SPDR Gold holdings rise 0.5% on Thursday * For an interactive graphic tracking the global coronavirus spread, open https://tmsnrt.rs/3aIRuz7 in an external browser (Recasts with updated prices) By Harshith Aranya June 12 Gold reversed course to rise on Friday as dismal economic data from Britain added to concerns of a second wave of virus infections, boosting safe-haven demand and setting gold on track for its first weekly rise in four. Spot gold rose 0.3% to $1,732.08 per ounce, as of 0807 GMT, having earlier fallen as low as 0.3% on a firmer dollar. Bullion has risen over 2.5% so far this week. U.S. gold futures fell 0.1% to $1,738.60. Gold recovered from earlier lows after the UK reported poor economic data, said Jigar Trivedi, commodities analyst at Anand Rathi Shares and Stock Brokers in Mumbai. Britain's economy shrank by a record 20.4% in April due to the coronavirus lockdown, the data showed. "An increase in COVID-19 cases has led to rising risk aversion, leading to a stronger U.S. dollar," said National Australia Bank economist John Sharma. The stronger greenback has kept gold prices in check, because it makes assets priced in the dollar more expensive for holders of other currencies. U.S. stocks fell more than 5% on Thursday, their worst day since mid-March. Asian equities slumped on Friday on fears of resurgence in coronavirus cases. Risk appetites have also been dented by a recent spike in coronavirus infections in some U.S. states. This partially reflects increased testing, but some states are also seeing rising hospitalizations. Earlier this week, U.S. Federal Reserve officials said the bank's key interest rate would need to hold near zero through at least 2022. Gold tends to benefit from lower interest rates as it reduces the opportunity cost of holding bullion. Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , rose 0.5% to 1,135.05 tonnes on Thursday. Palladium rose 0.8% to $1,936.36 per ounce, while silver declined 0.5% to $17.61. Platinum climbed 0.9% to $817.96, but was set for its largest weekly fall since April. (Reporting by Harshith Aranya and Brijesh Patel in Bengaluru; Editing by Rashmi Aich and Tom Hogue)

PRECIOUS-Gold slips on profit-taking after Fed-driven rally

11 Jun 2020

* Fed vows to keep monetary policy easy * Silver falls after 3.8% jump on Wednesday * Markets await weekly jobless claims due later in the day (Updates prices; adds comments, detail about U.S. jobless claims) By Harshith Aranya June 11 Gold eased on Thursday as investors booked profits after prices rose to a more than one-week high on bleak economic projections from the U.S. Federal Reserve. Spot gold was down 0.5% at $1,728.40 per ounce by 0634 GMT, after hitting its highest since June 2 at $1,739.68 earlier in the session. U.S. gold futures climbed 1% to $1,737.80. "Gold has struggled around these levels repeatedly over the last couple of months, which is probably why we're seeing profit taking kicking in once again," OANDA analyst Craig Erlam said. "We're also seeing a bit of a rebound in the dollar, which is likely weighing on gold prices today." On Wednesday, spot gold prices rose 1.3%, their biggest daily percentage rise in more than a month, after the Fed said it would be a long road to recovery from the coronavirus-induced slump. The U.S. central bank repeated its promise of continued extraordinary support, and also flagged the need to keep the key interest rate near zero through at least 2022. Large stimulus measures and low interest rates tend to support gold, which is often considered a hedge against inflation and currency debasement. "Macro uncertainty, lower interest rates and accommodative central banks should remain long-term supports (for gold)," ANZ analysts wrote in a note. As the pandemic shows no signs of slowing down, so will uncertainty and that along with rising trade tensions should keep strong safe-haven demand for gold, ANZ added. Investors await the U.S. weekly jobless claims data due later in the day. While layoffs are slowing, millions still remain unemployed, suggesting the labour market could take years to heal from the pandemic. Among other metals, silver declined 2.5% to $17.79 per ounce, after rising 3.8% on Wednesday. Palladium fell 0.5% to $1,937.88 per ounce, and platinum slipped 0.7% to $826.66. (Reporting by Harshith Aranya and Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu & Aditya Soni)

PRECIOUS-Gold recovers some post-payrolls losses but faces headwinds

08 Jun 2020

* Speculators cut bullish positions in COMEX gold (Recasts and updates prices)

PRECIOUS-Gold heads for 3rd week of losses amid signs of recovery

05 Jun 2020

* $1,670 key support, $1,750 key resistance for gold - analyst

PRECIOUS-Gold gains after biggest daily decline in a month

04 Jun 2020

* For an interactive graphic tracking the global coronavirus spread, open https://tmsnrt.rs/3aIRuz7 in an external browser (Adds comment, updates prices)

PRECIOUS-Gold falls further as stocks jump to near 3-month high

03 Jun 2020

* For an interactive graphic tracking the global coronavirus spread, open https://tmsnrt.rs/3aIRuz7 in an external browser (Adds comments, recasts with updated prices)

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