PRECIOUS gold companies in demand for safe haven, but stronger dollar gains

 (Updates prices)
    * SPDR Gold Trust Holdings highest in over 3 years
    * Dollar at more than one-week high
    * Equities gain on news of slowdown in virus fatalities

    By Asha Sistla
    April 6 (Reuters) - Gold prices edged up on Monday as demand
for the safe-haven metal rose due to worries over the economic
impact from the coronavirus pandemic, but gains were capped by a
firm dollar and stronger equities.     
    Spot gold        edged higher by 0.1% to $1,617.75 per ounce
by 0444 GMT, after rising as much as 0.8% in the previous
session. U.S. gold futures        were down 0.4% at $1,639.40.
    The coronavirus, which emerged in China late last year, has
turned into a global pandemic that has claimed more than 65,000
lives and paralysed large swathes of the global economy.
            
    "Gold is looking pretty good today ... it is picking up more
on safe-haven demand," said Stephen Innes, chief market
strategist at financial services firm AxiCorp.
    There are expectations that the dollar is unlikely to stay
strong and underlying economic conditions are bad, "so gold
traders aren't going to get sucked into short covering on
equities," Innes added.
    The dollar        rose to a more than one-week high against
key rivals, making gold costlier for investors holding other
currencies.        
    Asian equities followed gains in U.S. stock futures as
investors were encouraged by a slowdown in coronavirus-related
deaths and new cases.            
    A top official at the U.S. Federal Reserve on Sunday said
the $2.3 trillion economic relief bill approved by Congress was
appropriately sized and that a further relief effort may not be
needed if support efforts are well executed.             
    Japanese Prime Minister Shinzo Abe, meanwhile, will declare
a state of emergency over the pandemic as early as Tuesday, the
Yomiuri newspaper reported, as the number of infections topped
1,000 in the capital, Tokyo.             
    "If Japan moves away from monetary policy and starts
rebasing currency by giving people lot of money, that will be
bullish for gold," said Innes.
    Holdings of the world's largest gold-backed exchange-traded
fund, SPDR Gold Trust      , rose 0.7% to 978.99 tonnes on
Friday - highest in over three years.          
    "From a long term standpoint, gold will still remain the
preferred asset as the environment of low interest rates and
virus induced global slowdown would support a prolonged rally,"
said Sugandha Sachdeva, vice-president, metals, energy and
currency research, Religare Broking Ltd.
    Easing supply constraints for physical gold, three of the
world's biggest gold refineries said they would partially reopen
after a two-week closure that disrupted global supply.
            
    Palladium        slipped 0.1% to $2,185.93 per ounce, while 
platinum        rose 0.5% to $723.72 and silver        fell 0.3%
to $14.34.

 (Reporting by Asha Sistla and K. Sathya Narayanan in Bengaluru;
Editing by Vinay Dwivedi)
  

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