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PRECIOUS METALS-Gold hits a low of almost two weeks, while stocks and dollar advance

By Arundhati Sarkar

Jul 22 (.) – Gold prices hit their lowest level in nearly two weeks on Thursday, pressured by a rebound in equities and a firmer dollar, as investors looked to the European Central Bank for its political position.

* At 1023 GMT, spot gold was down 0.4% to $ 1,795.94 an ounce, while US gold futures were down 0.4% to $ 1,795.70.

* “With the return of risk appetite to the market, concerns about the possible implications of the coronavirus have again subsided,” said Eugen Weinberg, an analyst at Commerzbank. “As a result, gold has not been in much demand as a haven in this situation.”

* Stocks were back at record highs in Europe as investors are betting the ECB will keep its stimulus taps wide open as COVID-19 threatens growth.

* “It is the market’s confidence in the ECB and the Federal Reserve’s ability to combat any economic hazard that makes no additional safe haven in the form of gold necessary,” Weinberg added.

* The dollar index held firm, hovering near a three-and-a-half-month peak.

* In other precious metals, silver was down 0.6% at $ 25.07 an ounce; palladium was up 0.7% at $ 2,672.77; and platinum was up 0.2% at $ 1,082.31.

(Edited in Spanish by Carlos Serrano)

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