PRECIOUS-Gold set for best quarter in 4 years on virus fears

Reuters

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    June 30 (Reuters) - Gold prices held steady on Tuesday and
were heading for their biggest quarterly rise in more than four
years as fears over rising coronavirus cases around the world
boosted demand for the safe-haven metal.
                    
    FUNDAMENTALS    
    * Spot gold  XAU=  was mostly unchanged at $1,770.77 per
ounce by 0052 GMT, just $8.29 shy of a near eight-year high of
$1,779.06, hit last week.
    * Bullion, with more than 12% gains this quarter, is on
track for its best quarter since end-March 2016. Gold was also
headed for its third straight monthly gain. 
    * U.S. gold futures  GCv1  were flat at $1,781.20.
    * Confirmed COVID-19 cases worldwide exceeded 10 million and
deaths surpassed 500,000 over the weekend.  urn:newsml:reuters.com:*:nL4N2AY3AS
    * Texas, Florida and California are among U.S. states to
reverse reopenings and reclose businesses such as bars to slow
the spread of the coronavirus.  urn:newsml:reuters.com:*:nL1N2E62CY  urn:newsml:reuters.com:*:nL1N2E61DT
    * U.S. Federal Reserve Chair Jerome Powell said on Monday
the outlook for the world's biggest economy is "extraordinarily
uncertain" and will depend both on containing the coronavirus
and on government efforts to support the recovery.  urn:newsml:reuters.com:*:nL1N2E61YP
    * Gold is largely considered as a safe investment during
times of political and financial uncertainty.
    * Meanwhile, an upbeat U.S. data spurred fresh optimism on
the world's largest economy and lifted investor sentiment
towards riskier assets.  MKTS/GLOB   urn:newsml:reuters.com:*:nL1N2E60NH
    * In Asia, China's factory activity expanded at a faster
pace in June, beating expectations, while activity in the
country's services sector expanded at its fastest pace in seven
months, official data showed .  urn:newsml:reuters.com:*:nL4N2E61EA  urn:newsml:reuters.com:*:nAZN00I9RT
    * Palladium  XPD=  eased 0.1% to $1,902.68 per ounce, while
platinum  XPT=  rose 0.1% to $806.22 and silver  XAG=  lost 0.3%
at $17.81.
    
    DATA/EVENTS (GMT)
0600  UK      GDP QQ, YY               Q1
1400  US      Consumer Confidence      June

 (Reporting by Brijesh Patel in Bengaluru; Editing by Shailesh
Kuber)
 ((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848
5832, Outside U.S. +91 8067493865; Reuters Messaging:
Brijesh.Patel1.thomsonreuters.com@reuters.net))

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