July 7 (Reuters) - Gold prices edged higher on Tuesday,
hovering near an eight-year high, as concerns over surging
coronavirus cases around the world kept bullion's safety demand
elevated.
FUNDAMENTALS
* Spot gold XAU= was 0.1% higher at $1,784.99 per ounce by
0037 GMT, just $3.97 shy of a near eight-year high of $1,788.96,
which was hit last week.
* U.S. gold futures GCv1 were mostly unchanged at
$1,794.20.
* India on Monday overtook Russia to record the world's
third-highest number of COVID-19 infections, while U.S.
coronavirus deaths crossed 130,000 amid a surge in cases.
* More than 11.56 million people have been reported to be
infected by the novel coronavirus globally and 534,829 have
died. * Japan's household spending fell at the fastest pace on
record in May as consumers stayed at home to contain the
pandemic, pushing the world's third-largest economy deeper into
decline. * Gold is used as a safe investment during times of
political and financial uncertainty.
* Speculators increased their bullish positions in COMEX
gold and silver contracts in the week to June 30, the U.S.
Commodity Futures Trading Commission (CFTC) said on Monday.
* The dollar index .DXY held near a two-week low, making
gold less expensive for holders of other currencies. USD/
* Stemming bullion's advance, Asian markets looked set to
rise on Tuesday as investors weighed growing expectations of an
economic rebound in China and a resurgent U.S. services
industry. MKTS/GLOB
* U.S. services industry activity rebounded sharply in June,
almost returning to its pre-COVID-19 pandemic levels, but a
resurgence in coronavirus cases that has forced some restaurants
and bars to close again threatens the emerging recovery.
* Palladium XPD= dropped 1.1% to $1,919.08 per ounce,
while platinum XPT= gained 1.1% to $821.76. Silver XAG= rose
0.5% to $18.30.
DATA/EVENTS (GMT)
0430 Australia RBA Cash Rate July
0600 Germany Industrial Output MM May