PRECIOUS-Gold soars to record high as virus fears lift safe-haven demand

* Gold up 30% so far this year
* Spot gold may retreat into $1,943-$1,954/oz range -
technicals
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

(Updates prices)
By Brijesh Patel
Aug 3 (Reuters) - Gold prices surged to an all-time high on
Monday as fears about the economic fallout from rising COVID-19
cases boosted demand for the safe-haven metal, although gains
were capped by an uptick in the U.S. dollar.
Spot gold XAU= was steady at $1,973.75 per ounce by 0635
GMT, after hitting a record high of $1,984.66 in early Asian
trade.
U.S. gold futures GCv1 rose 0.3% to $1,992.10.
"The sentiment across markets is deteriorating. First of
all, rising infection rates are a real concern for the globe and
a real support for gold prices. Given that, it is also driving
U.S. dollar higher," said Michael McCarthy, chief strategist at
CMC Markets.
Coronavirus cases continued to surge in the United States
and stood at over 17.96 million globally. Rising COVID-19 cases and simmering U.S.-China tensions have
dented hopes for a swift economic recovery, driving inflows into
safe-haven assets such as gold, which climbed 30% so far this
year.
"Gold also saw safe-haven demand as the federal unemployment
bonus expired on Friday, which would affect U.S. consumer income
and spending and the U.S. Central Bank would thus remain
dovish," Phillip Futures analysts said in a note.
U.S. lawmakers struggled to hammer out a new stimulus plan.
White House Chief of Staff Mark Meadows said on Sunday he was
not optimistic on near-term deal for coronavirus relief bill.
Limiting gold's advance, the dollar index rose 0.3% .DXY
against its rivals, making bullion expensive for holders of
others currencies. USD/
China's factory activity expanded at the fastest pace in
nearly a decade in July, a survey showed. Spot gold may retreat into a range of $1,943-$1,954 per
ounce as it failed again to break a resistance at $1,982, said
Reuters technical analyst Wang Tao. TECH/C
Elsewhere, silver XAG= slipped 0.5% to $24.26 per ounce,
platinum XPT= fell 1% to $897.61, while palladium XPD= was
steady at $2,090.22.

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