March 2, 2020 / 1:33 AM / a month ago

PRECIOUS-Gold rises as recession fears weigh on risk sentiment

    March 2 (Reuters) - Gold prices rose more than 1% on Monday,
following a steep fall across the precious metals complex in the
previous session, as worries that the coronavirus epidemic could
push the global economy into recession sent investors scurrying
for safe havens.
    * Spot gold        gained 1.2% to $1,602.90 per ounce by
0104 GMT, having slumped more than 4% in intraday trade on
    * U.S. gold futures        rose 1.9% to $1,597.10. 
    * The rout in world stocks deepened, with investors rattled
by weekend data from China that showed its fastest ever
contraction in factory activity, raising fears of a global
recession from the coronavirus.             
    * The benchmark U.S. 10-year Treasury yields fell to a
record low, while the yen        rose to its highest since
October against the U.S. dollar.
    * Factory activity in China contracted at the fastest pace
ever in February, even worse than during the global financial
crisis, highlighting the damage from the outbreak.             
    * China's manufacturers are struggling to find enough
workers to fill factory floors as the regular post-Lunar New
Year labour migration trickles rather than flows, slowing the
restart of the economy amid the virus crisis.             
    * The worldwide spread of the virus and its implications on
the economy had triggered the biggest weekly stock market rout
since the 2008 financial crisis last week, wiping $6 trillion
off global equities.              
    * Goldman Sachs economists on Sunday predicted the Federal
Reserve will cut rates aggressively, saying the head of the U.S.
central bank sent a clear signal with his unscheduled statement
on Friday.              
    * On Friday, Fed Chair Jerome Powell issued a statement in
which he said that while the U.S. economy remained strong, the
virus "posed an evolving risk" and the Fed stood ready to take
action if needed.             
    * Palladium        rose 0.7% to $2,610.62 per ounce, having
slumped as much as 13% in the previous session.
    * Platinum        gained 1.9% to $880.10, having touched a
six-month low on Friday.
    * Silver        rose 1.3% to $16.88, backing away from an
almost seven-month low touched in the last session.  
0145 China   Caixin Manufacturing PMI Final (Feb)
0855 Germany Markit/BME Manufacturing PMI (Feb)
0900 EU      Markit Manufacturing Final PMI (Feb)
0930 UK      Markit/CIPS Manufacturing PMI Final (Feb)
1445 U.S.    Markit Manufacturing PMI Final (Feb)
1500 U.S.    ISM Manufacturing PMI (Feb)   

 (Reporting by K. Sathya Narayanan in Bengaluru; Editing by
Subhranshu Sahu)
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