PRECIOUS-Gold holds near record high as dollar dips, growth outlook dims

PRECIOUS-Gold holds near record high as dollar dips, growth outlook dims
    * Gold up 34% so far this year
    * Silver slips but holds near multi-year peak
    * Interactive graphic tracking global spread of coronavirus:
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    By Brijesh Patel
    Aug 6 (Reuters) - Gold steadied on Thursday after hitting a
record high in the previous session as dismal U.S. jobs data
hammered the dollar, while increasing worries about a recovery
in the pandemic-ravaged global economy kept demand solid for the
    Spot gold        was up 0.1% at $2,042.14 per ounce by 0351
GMT, after hitting an all-time high of $2,055.10 on Wednesday.
U.S. gold futures         rose 0.4% to $2,056.60.
    "Markets are coming to terms with the idea that we're going
to have slow growth for a while," said DailyFx currency
strategist Ilya Spivak, adding that low or negative interest
rates were pushing capital into assets like gold that offer
nominally better returns.
    Gold has rallied more than 34% this year as it is considered
an asset that should hold its value while the coronavirus crisis
and money printing by central banks erode the value of others.
    However, technical indicators point to signs of exhaustion,
with DailyFx's Spivak saying "we might get a pause relatively
soon, at least to consolidate."
    Adding fuel to gold's run, rival safe-haven dollar held
close to its lowest level in more than two years versus key
rivals, after three Federal Reserve policymakers warned the
pandemic would continue to hurt the U.S. economy, with cases in
the country topping 4.7 million.                           
    Also pressuring the dollar, data showed U.S. private
payrolls growth slowed sharply in July.
    "The only real cure to claw back some economic dignity is
that global interest rates remain low for as far as the eye can
see and even redoubled amounts government stimulus," Stephen
Innes, chief market strategist at financial services firm
AxiCorp, said in a note.
    Investor focus is now on negotiations over a new U.S.
stimulus package.             
    Silver        eased 0.2% to $26.96 per ounce after hitting
its highest since April 2013 in the last session. 
    Platinum        rose 0.1% to $968.46 and palladium       
was steady at $2,183.35.

 (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu
Our Standards:The Thomson Reuters Trust Principles.

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