PRECIOUS-Gold prices set for sixth straight quarterly gain

 March 31 (Reuters) - Gold prices eased on Tuesday as the
U.S. dollar held firm, while fears of further economic fallout
from the coronavirus pandemic provided some supported to
bullion, which is on track to post its sixth straight quarterly
gain. FUNDAMENTALS * Spot gold was down 0.3% at $1,616.34 an ounce, as
of 0037 GMT. U.S. gold futures eased 0.1% to $1,641.20. * The metal was up about 6.5% for the quarter, set for its
sixth consecutive quarterly percentage rise. * The dollar held steady against its key rivals,
having gained 0.8% in the previous session as investors braced
for prolonged uncertainty and governments tightened lockdowns
and launched monetary and fiscal measures to fight the virus. * Asian shares managed a tentative rally on Tuesday after
European and U.S. equities stabilised. * Trade ministers from the Group of 20 major economies
agreed on Monday to keep their markets open and ensure the
continued flow of vital medical supplies, equipment and other
essential goods as the world battles the pandemic. * U.S. President Donald Trump said on Monday that federal
social distancing guidelines might be toughened and travel
restrictions with China and Europe would stay in place as he
urged Americans to help fight the fast-spreading coronavirus. * Banks across the euro zone are tearing up plans to return
cash to shareholders at the behest of regulators, instead
shoring up reserves as the virus threatens to tip the world into
a deep recession. * China, meanwhile, ramped up efforts on Monday to heal the
economy as health authorities reported a further drop in new
cases, although the country remains wary of carriers of the
disease coming from abroad and infected people who exhibit no
symptoms. * The world's largest platinum producers Anglo American
Platinum , Sibanye-Stillwater and Impala
Platinum have declared force majeure on contracts after
a three-week national lockdown in South Africa forced operations
to close. * Palladium gained 1% to $2,349.90 an ounce. Platinum rose 0.5% to $727.06, but was on track to post its
biggest quarterly percentage loss since 2008. * Silver dropped 0.7% to $14.02, and was set to post
its worst quarter since 2013. DATA/EVENTS (GMT)
0600 UK GDP YY, QQ Q4
0755 Germany Unemployment Rate, Chg March
0900 EU HICP Flash YY March
0900 EU HICP-X F&E Flash YY March
1400 U.S. Consumer Confidence March (Reporting by K. Sathya Narayanan in Bengaluru, Editing by
Sherry Jacob-Phillips) 

Leave a Reply