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PRECIOUS-Gold prices slip as equities gain after Fed minutes
Published at 08/04/2021 at 03:10

April 8 (Reuters) - Gold prices slipped on Thursday as investors turned to riskier assets after the U.S. Federal Reserve's latest meeting minutes indicated continued policy support and cemented hopes of a quick economic turnaround.

FUNDAMENTALS

* Spot gold inched down 0.03% to $1,736.76 per ounce at 0149 GMT. U.S. Gold futures fell 0.3% to $1,736.50 per ounce.

* Officials at the Federal Reserve are concerned about the ongoing risks of the COVID-19 pandemic and are committed to supporting the economy until its recovery is more stable, according to minutes of the central bank's most recent policy meeting released on Wednesday.

* Asian equities were on track to mirror Wall Street's cautious gains, weighing on the metal's safe-haven allure.

* The U.S. trade deficit surged to a record high in February helped by massive fiscal stimulus that is expected to put the country's economy on-track for the fastest growth in nearly four decades.

* U.S. President Joe Biden made a fiery appeal for U.S companies to foot most of the bill for his $2 trillion-plus infrastructure plan, but signalled an openness to negotiate over exactly how much they would have to pay.

* Limiting gold's losses, the U.S. dollar traded near more than two-week troughs versus major peers on Thursday, tracking Treasury yields lower.

* SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.35 tonne to 1,028.69 tonnes on Wednesday from 1,029.04 tonnes on Tuesday.

* The National Bank of Hungary (NBH) said it had tripled the country's gold reserves to 94.5 tonnes, its highest level in decades.

* Silver fell 0.3% to $25.03 and palladium was down 0.2% to $2,617.71. Platinum rose 0.1% to $1,226.16.

DATA/EVENTS (GMT) 0600 Germany Industrial Orders MM Feb 0645 France Reserve Assets Total March 1230 US Initial Jobless Clm Weekly

(Reporting by Diptendu Lahiri in Bengaluru; editing by Uttaresh.V)

((Diptendu.Lahiri@thomsonreuters.com; within U.S. +1 651 848 5832; outside U.S. +91 80 6749 3683;; Reuters Messaging: diptendu.lahiri.thomsonreuters.com@reuters.net))