April 22 (Reuters) - Gold prices held steady on Wednesday as
fragile equities, hammered by falling crude prices, offset a
stronger U.S. dollar.
FUNDAMENTALS
* Spot gold XAU= was steady at $1,685.46 per ounce by 0041
GMT. U.S. gold futures GCv1 were up 0.9% at $1,703.60.
* The metal fell as much as 2% in the previous session as
investors scurried for cash to cover losses in other asset
classes mainly driven by a plunge in oil prices. * Against key rivals, the dollar .DXY was hovering close
to a two-week high scaled in the previous session, making gold
costlier for investors holding other currencies. USD/
* Asian share markets were set to tumble on Wednesday as the
floor fell out from under U.S. crude prices, exposing the deep
damage the coronavirus pandemic has had on global economic
demand. MKTS/GLOB O/R
* The crash in U.S. crude prices has turned a reliable
commodity less than worthless and given fresh urgency to bearish
voices, who say it sounds alarm bells for global growth and are
bracing for a catastrophic collapse in asset prices.
* The U.S. Senate on Tuesday unanimously approved $484
billion in fresh relief for the U.S. economy and hospitals
hammered by the coronavirus pandemic, sending the measure to the
House of Representatives for final passage later this week.
* U.S. home sales dropped by the most in nearly 4-1/2 years
in March as measures to control the spread of the virus brought
buyer traffic to a virtual standstill. * The true extent of Britain's COVID-19 death toll was more
than 40% higher than the government's daily figures indicated as
of April 10, according to data that put the country on track to
become among the worst-hit in Europe. * The heads of the International Monetary Fund, European
Stability Mechanism and other regional financing arrangements on
Tuesday agreed to work together to mitigate the economic and
financial impacts of the pandemic. * SPDR Gold Trust GLD , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.37% to 1,033.39
tonnes on Tuesday. GOL/ETF
* Palladium XPD= rose 2.1% to $1,963.68 per ounce, having
touched a near one-month low in the previous session.
* Platinum XPT= gained 0.4% to $749.76 per ounce, while
silver XAG= eased 0.3% to $14.88.
DATA/EVENTS (GMT)
0600 UK CPI YY March
1400 EU Consumer Confidence Flash April