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PRECIOUS-Gold falls nearly 2 percent as stocks rally

* Investors monitor news on stimulus measures
    * U.S. Fed rate increase back in focus
    * Platinum falls for first time in two weeks

 (Updates prices; adds comment, byline, NEW YORK dateline)
    By Marcy Nicholson and Clara Denina 
    NEW YORK/LONDON, July 12 (Reuters) - Gold saw its biggest
one-day fall in three weeks on Tuesday as global equities
rallied on easing political uncertainty in Britain and hopes for
more economic stimulus, which in turn curbed demand for assets
perceived as safe havens.
    Spot gold fell as much as 1.9 percent to $1,329.75 an
ounce and was down 1.6 pct at $1,332.86 by 2:20 p.m. EDT (1820
GMT). 
    The most active U.S. gold futures for August
delivery settled down 1.6 percent at $1,335.30 per ounce. 
    "Tensions in Britain are easing for now, as the country will
soon have a new prime minister," ActivTrades chief analyst Carlo
Alberto de Casa said, referring to incoming prime minister,
Theresa May, who will replace David Cameron on Wednesday.
    "With the British pound gaining some ground, demand for gold
and other safe havens is decreasing," he said.
    Gold has gained about $100 an ounce since Britain voted
recently to leave the European Union, with worried investors
piling their cash into safe-haven assets. 
    "The UK has a leader and we almost have the outlines of a
plan," said Rob Haworth, senior investment strategist for U.S.
Bank Wealth Management in Seattle, describing a "risk-on day"
pressuring prices despite a weak U.S. dollar.
    Profit-taking and new highs in the U.S. stock market also
weighed on bullion, Haworth said.
    Major U.S. stock indexes set record intraday highs on
Tuesday as optimism about the world economy and upbeat corporate
results from Alcoa boosted risk appetite, while European shares
rose for a fourth straight day. 
    Japan's ruling coalition fanned expectations of more fiscal
stimulus, while the Bank of England could cut rates as soon as
Thursday following its monthly policy meeting. 
    "The additional stimulus packages will continue to create a
challenging environment for investors looking for a return
because they are not getting it through bonds and as long as we
have that scenario, then the alternatives are currently stocks
but also precious metals," Saxo Bank senior manager Ole Hansen
said.
    Markets were also assessing whether the latest U.S. jobs
data, which was stronger than expected, has boosted the
prospects for an interest rate increase by the U.S. Federal
Reserve.
    The European Central Bank will not ease monetary policy any
further at its meeting next week, according to an overwhelming
majority of respondents in a Reuters poll of euro money market
traders. 
    Silver was down 0.65 percent at $20.13 an ounce. 
    Platinum fell for the first time in two weeks, down
1.14 percent at $1,087. Palladium rose 1 percent to
$627.50.    

 (Additional reporting By Nallur Sethuraman in Bengaluru;
Editing by Bernadette Baum)
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