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PRECIOUS-Gold slips on strong dollar; easing equities cap losses

Published 17/02/2020, 12:21 pm
© Reuters. PRECIOUS-Gold slips on strong dollar; easing equities cap losses
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Feb 17 (Reuters) - Gold fell on Monday as the U.S. dollar hovered close to a more-than four-month high, while concerns about the economic impact of the coronavirus outbreak weighed on Asian equities, limiting bullion's downside.

FUNDAMENTALS

* Spot gold XAU= was down 0.2% at $1,581.81 per ounce, as of 0058 GMT.

* U.S. gold futures GCv1 slipped 0.1% to $1,584.80.

* The dollar index, which measures the greenback against a basket of six major currencies, was at 99.14 on Monday after rising to 99.17 in the previous session, the highest since Oct. 8. The rising dollar makes greenback-denominated gold costlier for investors paying for the metal with other currencies.

* The number of reported new cases of coronavirus in China's Hubei province rose on Monday, as authorities imposed tough new restrictions on movement to prevent the spread of the disease which has now killed more than 1,700 people. Asian shares stepped back from three-week highs as investors weighed the near-term hit on global growth from a fast-spreading virus outbreak in China. MKTS/GLOB

* Singapore downgraded its 2020 economic growth forecast as it braces for a hit from the epidemic, the trade ministry said in a statement on Monday. The epidemic could be a drag on the U.S. economy this quarter, Cleveland Federal Reserve Bank President Loretta Mester said on Friday The London Metal Exchange has cancelled its annual LME Asia Week dinner in Hong Kong and postponed the seminar that would have taken place on the same day due to the outbreak, the exchange said in a notice on Friday. Russia's central bank has maintained the discount at which it buys gold for its reserves at December's peak level, it told Reuters on Friday, potentially prompting more local producers and bankers to export the metal. Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust GLD , rose 0.2% to 923.99 tonnes on Friday from 922.23 tonnes on Thursday. GOL/ETF

* Speculators increased their bullish positions on COMEX gold, while they cut their bullish bets on silver contracts in the week to Feb. 11, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Palladium XPD= was steady at $2,431.10 an ounce, silver XAG= was flat at $17.72, while platinum XPT= was up 0.3% at $965.49. DATA/EVENTS AHEAD (GMT) 1100 EU Reserve Assets Total Jan

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