March 9 (Reuters) - Gold prices fell 1% on Tuesday, retreating from the previous session's 7-year high as U.S. President Donald Trump's pledge to take steps to cushion the economy from the coronavirus eased some worries about the growth outlook and lifted the dollar.
* Spot gold XAU= fell 1% to $1,662.75 per ounce by 0100 GMT, having touched its highest since December 2012 at $1,702.56 in the previous session.
* U.S. gold futures GCv1 declined 0.7% to $1,664.60 per ounce.
* "U.S. President announced fiscal stimulus measures. That's weighing on gold prices at the moment," said Michael McCarthy, chief market strategist at CMC (NS: CMC ) Markets, adding that significant fiscal response in the United States might alleviate investor concerns about the economic growth outlook.
* President Trump on Monday said he will be taking "major" steps to gird the economy against the impact of the coronavirus outbreak and will discuss a payroll tax cut with congressional Republicans on Tuesday. The dollar recovered slightly from heavy losses against the yen, the euro, and the Swiss franc due to hopes for U.S. economic stimulus and a bounce in Treasury yields. USD/
* Asian markets skidded again, but selling was restrained by hopes for coordinated policy action to quell the panic and investors seemed to take heart with E-Mini futures for the S&P 500 ESc1 rallying 1.1% after an early slide. MKTS/GLOB
* The total number of infected cases in Mainland China rose to 80,754 as of Monday, while more than 111,600 people have been infected globally. Movement across Italy will be sharply restricted in a dramatic new clampdown aimed at halting the spread of the coronavirus, Prime Minister Giuseppe Conte said on Monday. Measures of Australian business and consumer sentiment took a battering in February as the outbreak threatens to severely impede growth, raising the risk of the country's first recession in three decades. SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.86% to 963.79 tonnes on Monday. GOL/ETF
* Silver XAG= fell 0.8% to $16.84 per ounce.
0130 China PPI, CPI YY (Feb) 1000 EU
GDP Revised QQ, YY (Q4)
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.