June 2, 2020 / 1:52 AM / a month ago

PRECIOUS-Gold edges lower as economies open up

    June 2 (Reuters) - Gold prices inched lower on Tuesday on
signs of economic recovery as more countries ease lockdown
curbs, while protests in the United States, Sino-U.S. tensions
and a weaker dollar limited losses.
        
    FUNDAMENTALS
    * Spot gold        was down 0.1% at $1,738.12 per ounce, as
of 0110 GMT. U.S. gold futures        rose 0.2% to $1,753.70.
    * In a sign that the worst of the economic downturn from the
coronavirus pandemic might be over, U.S. manufacturing activity
ticked up slightly from a 11-year low.             
    * China's factory activity unexpectedly returned to growth
in May as restrictions eased, but the improvement was marginal
as export orders continued to shrink, a survey showed.
            
    * U.S. President Donald Trump vowed to end unrest in major
cities across the nation "now," and stated he would deploy the
military if state governors refused to call out the National
Guard.             
    * The protests started over the death of George Floyd, a
46-year-old African American, who died in police custody; and
the closely packed crowds have sparked fears of a resurgence of
COVID-19, which has killed more than 104,000 Americans.
    * The U.S. is considering welcoming people from Hong Kong in
response to Beijing's push to impose a national security
legislation in the city, U.S. Secretary of State Mike Pompeo
said.             
    * The dollar        hovered near an over two-month low
reached on Friday.       
    * Gilead's          antiviral drug remdesivir provided a
modest benefit in patients with moderate COVID-19 given a
five-day course of the treatment, while those who received a
10-day course did not fare as well.             
    * Reflecting investor sentiment, SPDR Gold Trust      , the
world's largest gold-backed exchange-traded fund, said its
holdings, rose 0.5% to 1,128.40 tonnes on Monday.             
    * Palladium        rose 0.2% to $1,964.87 per ounce, and
platinum        was up 0.3% to $850.19, while silver fell 0.5%
to $18.17.

    DATA/EVENTS (GMT)
0430   Australia   RBA Cash Rate                   June
0600   UK          Nationwide House Prices MM, YY  May

 (Reporting by Harshith Aranya in Bengaluru; Editing by Shailesh
Kuber)
  
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