March 23, 2020 / 1:35 AM / 18 days ago

PRECIOUS-Gold falls as cash dash overwhelms stimulus measures

    March 23 (Reuters) - Gold prices fell on Monday as investors
liquidated their positions in the safe-haven metal despite
stimulus measures from global central banks to combat economic
damage from the coronavirus outbreak.
    
    FUNDAMENTALS
    * Spot gold        fell 0.7% to $1,487.83 per ounce by 0101 
GMT.
    * The metal rose as much as 3.1% on Friday as a wave of
fiscal and monetary stimulus from central banks across the globe
halted a run for cash.             
    * U.S. gold futures        rose 1% to $1,499.50 per ounce.
    * Asian markets were set for another turbulent week as more
countries all but shut down in the fight against the virus,
threatening to overwhelm policymakers' frantic efforts to
cushion what is clear to be a deep global recession.            
    * The U.S. Federal Reserve continued to roll out emergency
support on Friday as it enhanced efforts with other major
central banks to ease a global dollar-funding crunch.
            
    * Nearly one in three Americans were under orders on Sunday
to stay home to slow the spread of the pandemic as Ohio,
Louisiana and Delaware became the latest states to enact broad
restrictions, along with the city of Philadelphia.             
    * Airlines cancelled more flights as Australia and New
Zealand advised against non-essential domestic travel, the
United Arab Emirates (UAE) halted flights for two weeks and
Singapore and Taiwan banned foreign transit passengers.
            
    * China reported 46 new coronavirus cases on Sunday, the
fourth day in a row with an increase in Chinese cases, all but
one of which was imported from overseas; while the city of
Wuhan, announced it would be loosening a two-month lockdown.
             
    * The impact of the pandemic will be "quite severe," but a
long expansionary period and high employment rates mean the
global economy should weather the current shock, a top
International Monetary Fund official said.             
    * Physical demand for gold jumped last week in Singapore as
buyers took advantage of a recent slide in prices after
investors dumped the metal to raise cash.         
    * Hedge funds and money managers reduced their bullish
positions on COMEX gold contracts in the week to March 17, the
U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
       
    * Palladium        fell 1.1% to $1,623.50 per ounce, while
platinum        rose 1.2% to $618.50. 
    * Silver        slipped 0.9% to $12.47 per ounce.
    
DATA/EVENTS (GMT)
0200* China Final Trade Data     Jan-Feb
1230  Canada Wholesale Trade  MM Jan
1500  EU Consumer Confid. Flash  Mar
*approximate release time

 (Reporting by Asha Sistla in Bengaluru; Editing by Subhranshu
Sahu)
  
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