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PRECIOUS-Gold eases from 7-yr peak on slowing virus spread, China stimulus hopes

Published 20/02/2020, 02:51
© Reuters.  PRECIOUS-Gold eases from 7-yr peak on slowing virus spread, China stimulus hopes
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Feb 20 (Reuters) - Gold prices on Thursday eased from their

highest in nearly seven years in the previous session, as

safe-haven demand took a hit after a dramatic drop in new

coronavirus cases and on expectations that China will continue

to shore up its economy.

FUNDAMENTALS

* Spot gold XAU= was down 0.2% at $1,607.49 per ounce, as

of 0100 GMT. In the previous session, bullion prices surged to

their highest since March 25, 2013 at $1,612.62.

* U.S. gold futures GCv1 remained unchanged at $1,612.40.

* China reported on Thursday a drop in new cases in the

province at the heart of the coronavirus outbreak. Cases in

Hubei province were 349 on Wednesday from 1,693 a day earlier

and the lowest since Jan. 25, although it was accompanied by a

change in methodology. * Asian share markets edged higher as worries over the virus

outbreak alleviated. MKTS/GLOB

* China is widely expected to cut its benchmark lending rate

on Thursday, adding to a slew of fiscal and monetary measures in

recent weeks, aimed at cushioning the virus impact on the

economy. * U.S. Federal Reserve policymakers were cautiously

optimistic about their ability to hold interest rates steady

this year, minutes of the central bank's last policy meeting

showed, even as they acknowledged new risks caused by the

outbreak. * A meeting of U.S. government officials to discuss further

curbs on exports to Huawei and China is still on for Thursday,

despite a pushback from President Donald Trump against stricter

limits on shipments of U.S. products overseas. * Holdings of the world's largest gold-backed

exchange-traded fund, SPDR Gold Trust GLD , rose 0.2% to 931.60

tonnes on Wednesday. GOL/ETF

* Palladium XPD= advanced 0.6% to $2,728.50 an ounce. In

the previous session, the auto-catalyst metal touched a record

high of $2,841.54.

* Silver XAG= was down 0.4% at $18.33, but hovered near a

more than one-month high hit in the last session, while platinum

XPT= fell 0.5% to $1,000.71.

DATA/EVENTS (GMT)

0745 France CPI (EU Norm) Final MM, YY Jan

0930 UK Retail Sales MM, YY Jan

0930 UK Retail Sales Ex Fuel MM Jan

1330 US Initial Jobless Claims Weekly

1330 US Philly Fed Business Indx Feb

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