April 14 (Reuters) - Gold prices rose to a more than
seven-year high on Tuesday as mounting fears of a steeper global
economic downturn due to the novel coronavirus increased
bullion's safe-haven appeal.
FUNDAMENTALS
* Spot gold XAU= gained 0.1% to $1,715.25 per ounce by
0037 GMT, having touched its highest since Dec. 2012 at
$1,722.20 earlier in the session. U.S. gold futures GCv1 rose
0.5% to $1,770.20 an ounce.
* Asian stocks were set for a modest bounce on Tuesday as
U.S. stock futures edged higher, although fears the coronavirus
could drag on the global economy for months are likely to temper
investor confidence. MKTS/GLOB
* A slump in China's exports is expected to have extended
into March while a collapse in oil price likely deepened a
decline in imports, a Reuters poll showed, as the virus cripples
the global economy and overall demand. * The U.S. Congress struggled to produce a fresh coronavirus
relief bill on Monday, as a stubborn standoff between
Republicans and Democrats complicated the challenge of passing
legislation with most lawmakers out of town. * A steep economic downturn and massive rescue spending will
nearly quadruple the fiscal 2020 U.S. budget deficit to a record
$3.8 trillion, a staggering 18.7% of U.S. economic output, a
Washington-based watchdog group said on Monday. * Seven Northeastern U.S. states and three on the West Coast
formed regional pacts on Monday aimed at coordinating a gradual
reopening of their economies without a resurgence of coronavirus
infections just as the outbreak appeared to be starting to wane.
* The International Monetary Fund on Monday said it would
provide immediate debt relief to 25 member countries under its
Catastrophe Containment and Relief Trust to allow them to focus
more financial resources on fighting the pandemic. * The death toll from COVID-19 in British hospitals rose to
11,329 on Monday and the government, which is having to operate
without its convalescing leader Boris Johnson, signalled that
there would be no easing of lockdown measures this week.
* SPDR Gold Trust GLD , the world's largest gold-backed
exchange-traded fund, said its holdings rose 1.56% to 1,009.70
tonnes on Monday. GOL/ETF
* Palladium XPD= gained 1% to $2,210.57 per ounce, while
silver XAG= eased 0.6% to $15.35 and platinum XPT= slipped
0.2% to $747.08 an ounce.
DATA/EVENTS (GMT)
0630 India WPI Inflation YY March
N/A China Exports, Imports YY March
N/A China Trade Balance March