May 6, 2020 / 1:51 AM / 20 days ago

PRECIOUS-Gold inches down as easing virus-led curbs buoy equities

    May 6 (Reuters) - Gold prices inched lower on Wednesday as
equities rose on upbeat risk sentiment stemming from gradual
reopening of many economies, while a firmer dollar also weighed
on prices. 
       
    FUNDAMENTALS
    * Spot gold        fell 0.1% to $1,704.88 per ounce by 0119
GMT. U.S. gold futures        rose 0.2% to $1,713.00 per ounce.
    * Global stocks and crude prices were set to extend gains in
Asia on confidence that government steps to restart economies
will bring back growth and demand for oil.                   
    * Against key rivals, the U.S. dollar        gained for a
fourth straight session, making gold costlier for investors
using other currencies.       
    * Italy and the United States were among several countries
to tentatively ease lockdowns earlier this week.             
    * The U.S. trade deficit increased by the most in more than
a year in March as a record drop in exports offset a shrinking
import.                          
    * The U.S. economy could start to recover in the second half
of the year after what is shaping up to be the worst recession
in decades, but growth is likely to be slow and uneven, several
top Federal Reserve policymakers indicated on Tuesday.
            
    * Germany's highest court on Tuesday gave the European
Central Bank three months to justify bond purchases under its
flagship stimulus programme or lose the Bundesbank as a
participant, raising questions about the scheme and the euro's
future.                          
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.4% to 1,076.39
tonnes on Tuesday from 1,071.71 tonnes on Monday.          
    * Gold miner Newmont Corp's         adjusted profit nearly
doubled on Tuesday boosted by higher production and a surge in
the prices of the precious metal, as investors rushed to the
safe-haven asset amid market turmoil caused by the COVID-19
outbreak.             
    * Palladium        rose 0.5% to $1,809.41 an ounce, after
slipping to its lowest since March 24 at $1,747.31 per ounce in
the previous session. 
    * Platinum        slipped 0.2% to $763.05 per ounce, while
silver        fell 0.1% to $15.01 per ounce. 
 
DATA/EVENTS (GMT)
0600   Germany   Industrial Orders MM           March
0755   Germany   Markit Serv, Comp Final PMI    April
0800   EU        Markit Serv, Comp Final PMIs   April

 (Reporting by Shreyansi Singh in Bengaluru; editing by
Uttaresh.V)
  
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