PRECIOUS-Gold hastens retreat, dips below $2,000 on firm dollar

* Dollar rises to one-week high
* Gold consolidating after rapid rise - analyst
* Interactive graphic tracking global spread of coronavirus:
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(Recasts, adds comment, updates prices)
By Brijesh Patel
Aug 11 (Reuters) - Gold fell more than 1% on Tuesday,
breaking below the $2,000 level for the first time in a week, as
the dollar's relative value against other currencies
strengthened and spurred investors to lock in profits following
a record run.
Spot gold XAU= was down 1.1% at $2,004.61 per ounce by
0727 GMT after falling as much as 1.9% earlier, accelerating a
retreat from a record high of $2,072.50 hit last week. U.S. gold
futures GCcv1 fell 1.3% to $2,013.10 per ounce.
"A stronger dollar and favourable risk sentiment are
weighing on gold. Prices are undergoing a period of
consolidation after rising more than 14% in three weeks," said
DailyFx strategist Margaret Yang.
Making gold more expensive for holders of other currencies,
the dollar .DXY gained and U.S. bond yields rebounded from
multi-month lows. USD/
Asian stocks, meanwhile, shrugged off the latest flare-ups
between Washington and Beijing. MKTS/GLOB
China on Monday had imposed sanctions on 11 U.S. citizens,
including lawmakers from President Donald Trump's Republican
Party, after Washington's sanctions on Hong Kong and Chinese
officials last week. Analysts said gold's overall appeal was still intact, with
prices up over 33% this year.
"The retracement of the recent U.S. dollar sell-off can
continue this week, putting downward pressure on gold," said
Jeffrey Halley, a senior market analyst at OANDA.
"Gold trade attracted a lot of fast money last week and a
washout of speculative long positioning sets gold up for a more
balanced rally going forward."
Gold has been one of the most consistent gainers through the
six months of coronavirus-led turmoil in financial markets,
benefiting from a flood of capital into the world economy and
investors seeking a relatively safe location to park money with
interest rates at or near zero.
Elsewhere, silver XAG= dropped 3.5% to $28.13 per ounce,
platinum XPT= fell 1.9% to $967.63 and palladium XPD= eased
0.4% to $2,210.62.

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