PRECIOUS-Gold makes hasty retreat as dollar holds on to gains

* Dollar rises to one-week high
* Gold consolidating after rapid rise - analyst
* Gold may break support at $2,017, fall to
$2,000/oz-technicals
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

(Recasts, adds technicals, updates prices)
By Brijesh Patel
Aug 11 (Reuters) - Gold fell on Tuesday as dollar's relative
value against other currencies recovered, spurring some
investors to lock in gains in bullion, which has soared to
record levels of $2,000 per ounce.
Spot gold XAU= was down 0.5% to $2,017.53 per ounce by
0447 GMT, retreating from a record high of $2,072.50 hit last
week. U.S. gold futures GCcv1 fell 0.6% to $2,026.90.
"A stronger dollar and favourable risk sentiment are
weighing on gold. Prices are undergoing a period of
consolidation after rising more than 14% in three weeks," said
DailyFx strategist Margaret Yang.
The dollar .DXY held on to overnight gains as investors
clung to hopes of a stimulus deal in Washington and U.S. bond
yields rebounded from multi-month lows. USD/
Asian stocks, meanwhile, shrugged off the latest flare-up
between Washington and Beijing. MKTS/GLOB
China on Monday imposed sanctions on 11 U.S. citizens,
including lawmakers from President Donald Trump's Republican
Party, after Washington's sanctions on Hong Kong and Chinese
officials last week. Analysts said gold's overall appeal was intact, with prices
up more than 33% so far this year.
"Gold trade attracted a lot of fast money last week, and I
believe a washout of speculative long positioning sets gold up
for a more balanced rally going forward," said Jeffrey Halley, a
senior market analyst at OANDA.
The metal has been one of the most consistent gainers
through the six months of coronavirus-led turmoil in financial
markets, benefiting from a flood of capital into the world
economy and investors seeking a relatively safe location to park
money with interest rates at or near zero.
Prices may break a support at $2,017 and fall to $2,000 per
ounce, said Reuters technical analyst Wang Tao. TECH/C
Silver XAG= dropped 1% to $28.86 per ounce and platinum
XPT= fell 0.8% to $979.12, while palladium XPD= rose 0.7% to
$2,234.90.

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