June 11 (Reuters) - Gold prices touched a more than one-week
high on Thursday, as bleak economic projections from the U.S.
Federal Reserve boosted demand for the safe-haven metal.
FUNDAMENTALS
* Spot gold XAU= was down 0.2% at $1,732.56 per ounce, as
of 0114 GMT, after hitting its highest level since June 2
earlier in the session.
* U.S. gold futures GCv1 climbed 1.2% to $1,741.90.
* On Wednesday, gold rose 1.3%- its largest daily percentage
rise in over a month.
* On Wednesday, the U.S. central bank repeated its promise
of continued extraordinary support, estimating the U.S. economy
to shrink by 6.5% in 2020 and the unemployment rate to be at
9.3% at year's end. * Fed officials also flagged the need to keep the key
interest rate near zero through at least 2022.
* Large stimulus measures and low interest rates tend to
support gold, which is often considered a hedge against
inflation and currency debasement.
* Asian equities were set to fall on Thursday after gloomy
economic projections from the Fed sent the U.S. dollar and most
Wall Street shares lower. MKTS/GLOB USD/ .N
* In the U.S., coronavirus cases rose over 2 million on
Wednesday. New infections are rising slightly after five weeks
of declines, however, part of the increase is due to more
testing. * White House Economic Adviser Larry Kudlow said the U.S.
economy appears to have hit a turning point after rapidly
plunging into a recession due to the coronavirus pandemic about
three months ago. * SPDR Gold Trust GLD , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.4% to 1,129.50
tonnes. GOL/ETF
* Palladium XPD= fell 0.9% to $1,929.96 per ounce and
silver XAG= declined 1.7% to $17.95, while platinum XPT=
rose 0.5% to $836.38.
DATA/EVENTS (GMT)
1230 US Initial Jobless Claims Weekly
1600 US Federal Reserve releases figures on the financial
health of U.S. household in its Flow of Funds report for Q1