PRECIOUS-Gold nears 7-year peak on virus economic impact; palladium hits record

(Updates prices, adds comments and details)
* Palladium hits an all-time high of $2,841.54
* Gold in euros hits record peak of 1,493.09 euros/oz
* SPDR Gold holdings rise to over 3-yr peak
* U.S. Fed minutes from Jan. 28-29 meeting due at 1900 GMT

By Sumita Layek
Feb 19 (Reuters) - Gold climbed towards a seven-year peak on
Wednesday as concerns over the global economic impact of the
coronavirus epidemic boosted safe-haven interest, while
palladium resumed its record rally driven by concerns over a
supply shortfall.
Spot gold XAU= rose 0.6% to $1,610.75 per ounce by 1116
GMT. The metal jumped to $1,610.80 earlier, its highest since
Jan. 8, when gold hit its highest in nearly seven years. U.S.
gold futures GCcv1 rose 0.7% to $1,614.
"We're still concerned that the recovery of economic
activity might take a little bit longer in China," Julius Baer
analyst Carsten Menke said.
"On the ground, the impact seems to be stronger than what's
currently reflected in the stock markets. Gold investors are
taking a closer look at these developments. That's why prices
are higher."
Bullion held firm even as European shares hit a fresh record
high on a decline in new cases of coronavirus in China, and as
the dollar rose to a more than four-month high against rivals.
.EU USD/
Markets were alarmed on Tuesday after iPhone maker Apple Inc
warned that its sales might fall because of slow ramp-ups in
manufacturing facilities in China. Gold in euros XAUEUR=R hit an all-time peak of 1,493.09
euros per ounce.
Investors were awaiting the minutes of the Federal Reserve's
Jan. 28-29 policy meeting, due at 1900 GMT. Lower interest rates
reduce the opportunity cost of holding non-yielding bullion.
Indicative of investor sentiment, holdings of the world's
largest gold-backed exchange-traded fund, SPDR Gold Trust GLD ,
rose 0.6% to 929.84 tonnes on Tuesday, their highest since Nov.
11, 2016. GOL/ETF
Elsewhere, palladium XPD= scaled a record high of
$2,841.54 an ounce and was last up 5.1% at $2,771.39.
The autocatalyst metal, which had gained 54% in 2019 on
supply shortages, will be in a substantial deficit in 2020 as
well, Anglo American Platinum Ltd said. "Mine supply in not able to catch up ... despite the
disappointing trend in Chinese and European car sales, tight
emission norms keeps the market in deficit ... and this is
visible in dwindling ground stocks," UBS commodities analyst
Giovanni Staunovo said.
Ongoing power outages in South Africa - one of the largest
producers of the metal - "just further aggravates the situation
and is a supportive element", he added. Silver XAG= gained 1.2% to $18.37, having earlier hit a
more than one-month high at $18.39, while platinum XPT= rose
2.1% to $1,012.52

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Golds gains on coronavirus woes interactive https://tmsnrt.rs/37zwJmE
Golds gains on coronavirus woes png https://tmsnrt.rs/2SFBYwH
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