PRECIOUS-Gold pares losses as oil rout hammers risk appetite

(Adds comments, details, updates prices)
* Gold to consolidate below recent highs in 2020, 2021 -poll
* Even a coronavirus crisis can't puncture palladium prices
- poll
* Interactive graphic tracking the global spread: open https://tmsnrt.rs/3aIRuz7
in an external browser

By K. Sathya Narayanan
April 21 (Reuters) - Gold recovered from early losses on
Tuesday as a rout in oil prices boosted demand for safe haven
assets and countering the impact of a rise in the dollar.
Spot gold XAU= was steady at $1,692.77 per ounce by 0818
GMT, having slipped 0.5%. U.S. gold futures GCcv1 were steady
at $1,711.80.
"Panic selling in one asset class - oil - is pushing safe
haven buying in gold. Even equities are down globally, which is
(also) positive," said Jigar Trivedi, commodities analyst at
Anand Rathi Shares and Stock Brokers in Mumbai.
Bullion on Monday jumped as much as 1% as U.S. crude futures
fell below zero for the first time.
Oil's record plunge triggered the steepest drop in Asian
stocks in a month. MKTS/GLOB O/R
The likelihood for more monetary stimulus from the United
States also supported gold, Trivedi said.
The U.S. Congress on Monday inched toward a $450 billion
deal to help small businesses and hospitals hurt by the
coronavirus pandemic. Capping gold's gains was a strong dollar, which is also
considered a safe haven .DXY . USD/
Continued risks from the oil market could "provide some
level of support for gold as a surge for safety will be put into
hyperdrive," IG Markets analyst Kyle Rodda said.
However, gold is used as a hedge against oil-led inflation
and a fall in crude prices increases deflationary pressures.
In the longer term, "a falling oil price is disinflationary
and thus weighs on gold as one of many factors. (But) gold went
up last night as the meltdown in oil inspired safe-haven
buying," said Jeffrey Halley, senior market analyst at OANDA.
Gold prices in 2020 and 2021 are expected to consolidate
below recent highs as increased demand is offset by dollar
strength and weak retail consumption, a Reuters poll showed.
PREC/POLL
On the technical front, spot gold may retest support at
$1,677 per ounce, with a good chance of breaking below and
falling towards $1,634, Reuters analyst Wang Tao said. TECH/C
Palladium XPD= fell 1.3% to $2,136.89 an ounce, platinum
XPT= slipped 1%, to $762.79 and silver XAG= declined 1.1% to
$15.20.
Analysts and traders, meanwhile, raised their forecasts for
palladium prices, predicting it will remain undersupplied even
as the virus outbreak hammers demand from automakers, a Reuters
poll showed. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
gold h IMAGE https://reut.rs/3bo10HG
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