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PRECIOUS-Gold edges up as recovery hopes ebb on U.S. jobs data, virus concerns
Published at 26/11/2020 at 01:25

Nov 26 (Reuters) - Gold prices ticked up on Thursday as disappointing U.S. jobs data and a resurgence of COVID-19 cases worldwide cast doubts over a swift economic recovery and paused a rally in traditional risk assets.

FUNDAMENTALS

* Spot gold rose 0.3% to $1,810.06 per ounce by 0052 GMT. U.S. gold futures were steady at $1,805.50.

* Asian shares dipped slightly on Thursday as the hot run-up in global markets took a breather.

* The number of Americans filing first-time claims for jobless benefits increased to a seasonally adjusted 778,000 last week amid surging coronavirus cases and business restrictions, U.S. Labor Department data showed on Wednesday.

* Deaths from COVID-19 in the United States surpassed 2,000 in a single day for the first time since May on Tuesday and hospitalizations reached a record of more than 89,000 on Wednesday.

* U.S. central bankers agreed asset purchases supported the economy, according to the minutes of the Nov. 4-5 meeting released on Wednesday. Some Federal Open Market Committee participants said they expected the Fed to eventually lengthen the maturity of the bonds purchased.

* British Prime Minister Boris Johnson said on Wednesday he would not be asking for more time to negotiate a post-Brexit trade deal with the European Union, beyond the current transition period of Dec. 31.

* While some analysts believe bullion's rally has peaked alongside the recent progress on a COVID-19 vaccine, others say prices may still have some room to rise.

* Holdings of the SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.4% to 1,194.78 tonnes on Wednesday from 1,199.74 tonnes on Tuesday.

* Silver rose 0.2% to $23.35 per ounce. Platinum

gained 0.2% to $965.52 and palladium was 0.6% higher at $2,342.16.

DATA AHEAD (GMT)

0700 Germany Dec. GfK Consumer Sentiment

0745 France Nov. Consumer Confidence

(Reporting by Nakul Iyer in Bengaluru; Editing by Ramakrishnan M.)

((nakul.iyer@thomsonreuters.com; Within U.S. +1 646 223 8780, Outside U.S. +91 80 6749 0417; Reuters Messaging: nakul.iyer.thomsonreuters.com@reuters.net))