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PRECIOUS-Gold recovers as coronavirus increases chances of policy easing
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* Gold rebounds after 4.6% drop on Friday
* Platinum down for an eighth consecutive session
* 10-year US Treasury yield drops to record low
* Return on GRAPHIC-2020 assets: tmsnrt.rs/2jvdmXl
By Harshith Aranya
March 2 (Reuters) – Gold rose nearly 1% on Monday after suffering its largest daily decline in nearly seven years, as expectations of softening US Fed policies and other central banks were growing to boost the global economy affected by coronaviruses.
Spot gold rose 0.9% to $ 1,598.35 per ounce at 10:09 a.m. EST (1,509 GMT), and US gold futures rose 2% to $ 1,598.20.
On Friday, the precious metals market was routed by traders who liquidated their positions amid a liquidation caused by coronaviruses in the global markets, gold plummeting to 4, 5%.
"We are witnessing a slight recovery from the end of last week, (when) there was a lot of sales to generate cash and cover margins," said Ryan McKay, commodity strategist at TD Securities.
"There is a lot of expectations on interest rate cuts from the Fed, but also from other global central banks … offering very good support."
The US central bank "will do the right thing" to support the economy in the context of the virus epidemic, President Jerome Powell said on Friday.
Futures contracts now involve a full cut in rates by 50 basis points at the Fed's March 18 monetary policy meeting.
Falling interest rates lower the opportunity cost of holding unproductive bullion and also weigh on US yields and the dollar.
The global economy is expected to grow only 2.4% this year, the lowest since 2009, the Organization for Economic Co-operation and Development announced on Monday.
Stephen Innes, chief market strategist for financial services firm AxiCorp, said that the negative correlation between the US currency and gold has re-emerged since the dollar's lure for safe haven securities ; is dimmed.
The dollar index slid on Fed bets that could soften policy, while the implicit yields on 10-year US Treasury futures traded below 1% for the first time. (
Palladium fell 2% to $ 2,542.58 an ounce, after dipping to 13% on Friday, the highest since the 2008 financial crisis.
Platinum fell 0.6% to $ 858.87, while silver rose 0.3% to $ 16.70 after the two bottomed out in about six months during from the previous session.
Platinum is on track to finish lower for an eight-game session.
"The growth in car sales is an important driver of the price of platinum, particularly sales in Europe," said Giovanni Staunovo, analyst at UBS commodities.
"The decline in the share of newly sold diesel cars (which use platinum in their catalytic converters) in Europe is another obstacle to white metal."
Report from Harshith Aranya and Brijesh Patel in Bengaluru
Additional reports by K. Sathya Narayanan; Editing by Steve
Orlofsky
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