April 15 (Reuters) - Gold prices were steady on Wednesday,
hovering close to a more-than-seven-year high hit in the
previous session, as investor fears of a global economic fallout
from the coronavirus pandemic heightened, supporting the appeal
of the safe-haven metal.
FUNDAMENTALS
* Spot gold XAU= was trading at $1,727.59 per ounce, as of
0042 GMT, having touched its highest since Nov. 2012 at
$1,746.50 in the previous session. U.S. gold futures GCv1 fell
0.9% to $1,752.20 an ounce.
* Asian shares looked set to pull back from a one-month
high, as warnings of a deep recession dampened investor optimism
that the slowing spread of the coronavirus could allow
businesses to re-open. MKTS/GLOB
* The retreat from riskier assets followed the International
Monetary Fund's prediction on Tuesday that the global economy
may shrink by 3% in 2020 due to the virus outbreak, in the worst
downturn since the Great Depression of the 1930s. * The contagion, which has infected more than 1.9 million
people globally and killed 120,670, has forced countries to shut
activity and prompted central banks to unleash support measures.
* China approved early-stage human tests for two
experimental vaccines as it battles to contain imported cases,
especially from Russia. * Britain's economy could shrink by 13% this year due to the
government's pandemic-driven shutdown, its deepest recession in
three centuries, the country's budget forecasters said.
* U.S. President Donald Trump's May 1 target for restarting
the economy is "overly optimistic," his top infectious disease
adviser said on Tuesday, after Trump and state governors clashed
over who has the power to lift restrictions aimed at curbing the
outbreak. * U.S. Federal Reserve is grappling with the complexities of
how to simultaneously reopen the country's economy and protect
against a resurgence of infections, while it launched a funding
backstop to address liquidity problems on Tuesday. * Holdings of the world's largest gold-backed
exchange-traded fund, SPDR Gold Trust GLD , rose 0.8% to
1,017.59 tonnes on Tuesday. GOL/ETF
* Palladium XPD= fell 0.6% to $2,205.25 per ounce and
silver XAG= dropped 1.1% to $15.64, while platinum XPT=
advanced 1.1% to $783.25 an ounce.
DATA/EVENTS (GMT)
0645 France CPI (EU Norm) Final MM, YY March
1100 EU Reserve Assets Total March
1230 US Retail Sales MM March
1315 US Industrial Production MM March
1800 US Federal Reserve issues the Beige Book of
economic condition