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PRECIOUS-Gold eases as economic recovery hopes boost risk appetite
Published at 09/07/2020 at 02:15

July 9 (Reuters) - Gold prices eased on Thursday from a near nine-year high scaled in the previous session, as hopes of an economic recovery lifted risk-on sentiment, although losses were capped by worries over rising coronavirus cases across the globe.


* Spot gold fell 0.2% to $1,806.30 by 0046 GMT, after rising to its highest level since September 2011 at $1,817.71 on Wednesday.

* U.S. gold futures eased 0.1% to $1,818.40 per ounce.

* Asian equities were expected to rise on hopes of a robust economic recovery as investors looked ahead to the earnings season. U.S markets rose on Wednesday, with the Nasdaq ending at a record high.

* However, Federal Reserve officials on Wednesday suggested the U.S. recovery may be stalling, raising doubts about its durability.

* Global coronavirus cases clocked over 12 million on Wednesday, with more than half a million dead.

* Gold is often used as a safe store of value during times of political and financial uncertainty.

* Japan's core machinery orders rose 1.7% in May from the previous month, versus a 5.4% drop forecast by economists in a Reuters poll. The core orders are regarded as an indicator of capital spending in the coming six to nine months.

* Britain's finance minister promised an additional $38 billion to head off an unemployment crisis.

* SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.27% to 1,182.11 tonnes on Wednesday.

* Palladium rose 1.2% to $1,939.55 per ounce and platinum climbed 0.3% to $846.50, while silver lost 0.7% to $18.64.

DATA/EVENTS (GMT) 0930 China PPI YY, CPI YY June 2030 US Initial Jobless Claims Weekly

(Reporting by Harshith Aranya in Bengaluru; Editing by Subhranshu Sahu)

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