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PRECIOUS-Gold eases as dollar firms; virus fears cap losses
Published at 04/08/2020 at 01:46

Aug 4 (Reuters) - Gold prices edged lower on Tuesday as the dollar strengthened and risk appetite improved after positive U.S. economic data, while fears over surging coronavirus cases limited losses for the safe-haven metal.

FUNDAMENTALS

* Spot gold was down 0.2% at $1,973.54 per ounce by 0026 GMT. It hit an all-time high of $1,984.66 in the previous session.

* U.S. gold futures rose 0.2% to $1,989.20.

* The dollar index rose 0.1% against its rivals, crawling further away from a more than two-year low hit last week. A stronger greenback makes gold more expensive for holders of other currencies.

* U.S. manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new COVID-19 infections.

* Asian shares were on track to open higher on Tuesday, after strong manufacturing data and gains in tech stocks boosted global equities.

* More than 18.19 million people have been reported to be infected by the novel coronavirus globally and 689,871​ have died, according to a Reuters tally.

* The World Health Organization warned on Monday that there might never be a "silver bullet" for COVID-19 in the form of a perfect vaccine and that the road to normality would be long.

* The top Democrats in the U.S. Congress and White House negotiators on Monday said they had made progress in talks on a new coronavirus relief bill.

* The U.S. economy, battered by a resurgence in the spread of COVID-19, needs increased government spending to tide over households and businesses and broader use of masks to better control the virus, U.S. central bankers said on Monday.

* Silver fell 0.1% to $24.22 per ounce, platinum

rose 0.2% to $918.50 and palladium gained 0.3% to $2,090.21.

DATA/EVENTS (GMT) 0130 Australia Retail Sales MM June 1400 US Factory Orders MM June

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

((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848 5832, Outside U.S. +91 8067493865; Reuters Messaging: Brijesh.Patel1.thomsonreuters.com@reuters.net))