June 15, 2020 / 12:49 AM / a month ago

PRECIOUS-Gold gains as dollar slips, new virus cases mount

    June 15 (Reuters) - Gold prices rose on Monday as the U.S.
dollar weakened and fears of a second wave of the coronavirus in
Beijing prompted investors to seek the safe-haven metal.
                
    FUNDAMENTALS    
    * Spot gold        was up 0.2% at $1,733.45 per ounce, as of
0038 GMT.
    * U.S. gold futures        rose 0.2% to $1,740.90 per ounce.
    * Last week, gold posted its biggest weekly percentage gain
since April.
    * The dollar index        fell 0.2% against its rival,
making gold less expensive for holders of other currencies.
      
    * After weeks with almost no new coronavirus infections,
Beijing has recorded dozens of new cases in recent days, all
linked to a major wholesale food market, raising concerns about
a resurgence of the disease.             
    * New coronavirus cases and hospitalizations in record
numbers swept through more U.S. states, including Florida and
Texas.             
    * The Federal Reserve expects household finances and
business balance sheets to suffer "persistent fragilities" as a
result of the shock to economic activity arising from the
pandemic, the central bank said in a report to Congress on
Friday.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.1% to 1,136.22
tonnes on Friday.          
    * Hedge funds and money managers cut their bullish positions
in COMEX gold and silver contracts in the week to June 9, the
U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
       
    * On the physical side, gold demand in India was lacklustre
last week even as shops reopened, while Bangladesh announced
plans to withdraw import taxes.         
    * Palladium        was steady at $1,917.90 per ounce, while
silver        gained 0.4% to $17.52 and platinum       climbed
0.8% to $812.20.

    
    DATA/EVENTS (GMT)
    
0200   China   Industrial Output YY
0200   China   Retail Sales YY
1000   EU      Reserve Assets Total

 (Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi
Aich)
  
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