PRECIOUS-Gold holds above $1,800 level as virus casts long shadow

(Updates prices)
* Dollar near multi-week low
* Asian equities grind higher
* GRAPHIC-2020 asset returns: http://tmsnrt.rs/2jvdmXl
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

By Harshith Aranya
July 9 (Reuters) - Gold steadied above the key $1,800/oz
level on Thursday, as worries over mounting COVID-19 cases
offset hopes of a swift global economic recovery.
Spot gold XAU= was little changed at $1,812.35 per ounce
by 0729 GMT, after rising to its highest since September 2011 at
$1,817.71 on Wednesday. U.S. gold futures GCcv1 inched up 0.1%
to $1,822.10.
Traders are seen a little exhausted after the metal cleared
the $1,800 level, "but no one seems eager to abandon this trade
yet", said Edward Moya, senior market analyst at broker OANDA.
"Gold is looking very bullish both in the short- and
long-term... It has enough catalysts to take it to record
territory before the end of the year."
Global coronavirus cases exceeded 12 million on Wednesday,
with over half a million dead. Keeping alive worries over the pandemic's economic fallout,
U.S. Federal Reserve officials on Wednesday suggested the
recovery in the world's largest economy may be stalling.
Meanwhile, Britain's finance minister promised an additional
$38 billion to head off an unemployment crisis. Stimulus tends to boost gold, which is considered a hedge
against inflation and currency debasement.
Providing further support to gold, the dollar traded near
multi-week lows. USD/
Asian equities ground higher as investors tried to look past
Sino-U.S. tensions and renewed lockdowns to upcoming company
earnings, hoping that global stimulus efforts will yield upbeat
outlooks. MKTS/GLOB .N
Boosting recovery bets, Japan's core machinery orders rose
1.7% in May, versus an expected 5.4% drop. While there have been some positive data releases, the
re-emergence of the virus is leading a flight to safety, keeping
gold in the $1,780-$1,820 range in the near term, said National
Australia Bank economist John Sharma.
Among other metals, palladium XPD= climbed 1.4% to
$1,942.35 per ounce, and silver XAG= gained 0.2% to $18.81,
while platinum XPT= was flat at $843.89.

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