* Gold could see more consolidation in near-term- analyst
* Silver jumps as much as 6%
* Britain's economy shrank by a record 20.4% in Q2
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser
(Updates prices, adds comments, graphic)
By Nakul Iyer
Aug 12 (Reuters) - Gold rose above the $1,900 barrier on
Wednesday as dire UK economic data renewed fears over a
coronavirus-led slowdown and prompted a rebound in the metal
after its steepest sell-off in over seven years in the previous
session.
Spot gold XAU= , which fell as much as 6.2% on Tuesday,
rose about 1% to $1,929.63 per ounce by 1218 GMT, paring sharp
losses from earlier in the Asian session.
U.S. gold futures GCcv1 slipped 0.3% to $1,939.90 per
ounce, while silver XAG= gained 0.9% to $25.02 per ounce,
after slumping 15% on Tuesday.
"It's a little bit like a heavy rain after a good spell of
hot weather," said independent analyst Ross Norman.
"Gold is bouncing back very strongly. Sentiment has not been
damaged and by extension, you could argue that it's created an
opportunity for those who maybe missed the boat on the rally to
get in again."
Underscoring the economic damage caused by the pandemic,
Britain's economy shrank by a record 20.4% in the second
quarter, the most severe contraction reported by any major
economy so far.
Gains in spot gold, which is seen as a safe haven during
times of economic turmoil, were also helped by a weaker dollar,
whose recent uptick was halted by deadlock in Washington over a
stimulus package. USD/
"There could be some consolidation in the near term, but the
fundamental drivers pushing the metal higher remain intact,"
said FXTM analyst Lukman Otunuga.
"Given U.S. (10-year) real yields have pulled back above
minus 1% for the first time this month, this is dulling some of
gold's allure and encouraging (some) investors to offload
bullion."
Bullion has gained 27.5% this year, with central banks
flooding the economy with money to ease the damage from the
global coronavirus crisis, fuelling fears of inflation and
currency debasement.
Platinum XPT= fell 0.5% to $925.81 per ounce, while
palladium XPD= rose 0.8% to $2,106.47 per ounce.
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