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PRECIOUS-Gold recovers from 9-month low on U.S. stimulus cheer

    March 8 (Reuters) - Gold prices rose on Monday, recovering
from a near nine-month low hit in the previous session, as a
passage of the long awaited $1.9 trillion U.S. coronavirus
relief package boosted the metal's appeal.   
       
    FUNDAMENTALS
    * Spot gold        rose 0.3% to $1,705.62 per ounce by 0041
GMT, after hitting its lowest since June 8 at $1,686.40 on
Friday. U.S. gold futures        climbed 0.3% to $1,703. 
    * The U.S. Senate on Saturday passed President Joe Biden's
$1.9 trillion COVID-19 relief plan. Gold is viewed as a hedge
against inflation, likely from extensive stimulus.             
    * Further supporting bullion, U.S. 10-year yields held below
a one-year peak hit on Friday, while the dollar eased.
           
    * U.S. central bankers on Friday signaled they do not plan
to touch the dial on their super-easy policy for some time,
expressing little concern over the rapid rise in U.S. Treasury
yields in recent weeks.             
    * The U.S. economy created more jobs than expected in
February as falling new COVID-19 infections and additional
pandemic relief money from the government boosted
hiring.            
    * Retail consumers in India continued to buy up physical
gold last week as prices retreated to a near one-year low, while
lower rates also injected fresh activity in other hubs,
especially Singapore.             
    * Holdings of the world's largest gold-backed
exchange-traded fund, SPDR Gold Trust       fell 0.8% on Friday.
         
    * Speculators cut their bullish positions in COMEX gold and
silver contracts in the week to March 2, the U.S. Commodity
Futures Trading Commission (CFTC) said on Friday.             
    * Silver        rose 0.8% to $25.38 an ounce. Palladium
       climbed 0.4% to $2,348.44. Platinum        gained 0.7% to
$1,137.42.    
    
DATA/EVENTS (GMT)
0700  Germany  Industrial Output MM  Jan
1000  UK       The governor of the Bank of England, Andrew
Bailey, give a speech on the outlook for the economy to the
Resolution Foundation think tank

 (Reporting by Sumita Layek in Bengaluru; Editing by Rashmi
Aich)
  
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