PRECIOUS-Gold slips as investors look to dollar for safety from coronavirus woes

Reuters

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    * Gold down 4.4% so far this week
    * Silver, platinum headed for worst week since March 20
    * Dollar heads for biggest weekly gain in nearly 6 months
    * Interactive graphic tracking global spread of coronavirus:
https://graphics.reuters.com/world-coronavirus-tracker-and-maps/

 (Updates prices)
    By Arundhati Sarkar
    Sept 25 (Reuters) - Gold fell on Friday, hovering near last
session's over two-month low, as investors sought shelter in the
dollar from rising coronavirus cases and uncertainties over the
next U.S. stimulus to aid the economy.
    Spot gold  XAU=  was down 0.2% to $1,864.39 per ounce by
1:49 p.m. EDT (1749 GMT), while U.S. gold futures  GCv1  settled
down 0.6% at $1,866.30 per ounce. 
    "The Republicans and Democrats are on the same page about
putting some stimulus but they are not being able to decide the
amount and that uncertainty is pushing investors towards the
dollar," said Edward Moya, senior market analyst at OANDA in New
York.
    For the week, gold is down about 4.4% so far, the most in at
least six weeks, as the dollar was set for its best week since
early April.  USD/ 
    A stronger dollar makes commodities priced in the currency,
like gold, more expensive for buyers using other monetary units.
    A key lawmaker said Democrats in the U.S. House of
Representatives are working on a $2.2 trillion coronavirus
stimulus package that could be voted on next week.  urn:newsml:reuters.com:*:nL2N2GL16L 
    urn:newsml:reuters.com:*:nL2N2GL1UE urn:newsml:reuters.com:*:nL2N2GK1HA   
    The Federal Reserve this week talked up the importance of
more fiscal stimulus amid investor fears of another economic hit
from the coronavirus pandemic.
    Stocks were set to fall by the most for any week since June
as concerns over second wave of virus-related lockdowns weighed
on investors' risk appetite.  MKTS/GLOB 
    The risk for gold bugs is limited to an extension of the
global risk-off that catalyzed the dollar's breakout, TD
Securities analysts said in a note.
    "On the other hand, the growth scare has particularly
impacted platinum, as a second wave may further hit the horrible
diesel sales in Europe."
    Platinum  XPT  edged down 0.1% to $847.81, while silver
 XAG=  fell 0.8% to $23.02 per ounce. Both metals were headed
for their worst week since March 20.
    Palladium  XPD=  was down 0.2% at $2,221.20 per ounce. 

 (Reporting by Arundhati Sarkar and Diptendu Lahiri in Bengaluru
Editing by Marguerita Choy and Steve Orlofsky)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776;))

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