PRECIOUS-Gold hits record above $2,000/oz on soft dollar, stimulus bets

* Recovery worries push 10-year Treasury yield to 5-month
low
* Outlook for gold remains 'very strong' - analyst
* Silver rises to more than 7-year high
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

(Adds chart, updates prices)
By Brijesh Patel
Aug 5 (Reuters) - Gold scaled an all-time peak on Wednesday,
after topping the $2,000 mark in the previous session, spurred
on by a weaker dollar, falling U.S. Treasury yields and
expectations of more stimulus measures to revive a
pandemic-ravaged economy.
Spot gold XAU= was up 0.8% at $2,033.86 per ounce by 0655
GMT, after hitting a record high of $2,036.49. U.S. gold futures
GCcv1 rose 1.4% to $2,049.30.
"The drop in the dollar and nominal yields, as speculation
remains rife about global growth and any U.S. fiscal package, is
what fundamentally drove gold prices higher," IG Markets analyst
Kyle Rodda said.
"The outlook remains very strong for gold. Interestingly,
we've seen traders reduce their long exposure to gold throughout
this recent rally, suggesting new buyers could still come back
into the market to push prices higher," he said.
Coronavirus cases continue to surge in the United States and
dozens of U.S. states have had to pause or roll back their
reopening plans. The global tally stood at more than 18.41
million. The rise in cases has dented hopes of a swift U.S. economic
rebound, sending the 10-year Treasury yield to a five-month low,
reducing the opportunity cost of holding non-interest bearing
gold. US/
The U.S. dollar .DXY fell 0.3% against its rivals, making
gold cheaper for holders of other currencies. USD/
White House negotiators vowed to work "around the clock"
with congressional Democrats to try to reach a deal on
coronavirus relief by the end of this week. "Despite a potential short-term pull-back, the
mid-to-long-term prospect for gold and other precious metals
remains bullish against the backdrop of a low interest rate
environment and fiscal and monetary stimulus," said DailyFx
strategist Margaret Yang.
Elsewhere, silver XAG= jumped more than 2% to $26.60 per
ounce, its highest since April 2013.
Platinum XPT= rose 0.8% to $944.90 and palladium XPD=
was steady at $2,139.65.

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Gold versus U.S. yields and dollar https://tmsnrt.rs/31fEMns
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