INSUBCONTINENT EXCLUSIVE:
US gold futures eased 0.2% to $1,762.30 per ounceGold prices eased on Tuesday on expectations of positive manufacturing data from the euro
zone, but concerns over a second coronavirus wave kept the safe-haven metal near its highest level in more than a month
Spot gold was down 0.3 per cent at $1,749.80 per ounce by 12:31 pm
On Monday, bullion hit $1,762.84, its highest since May 18
US gold futures eased 0.2 per cent to $1,762.30 per ounce."We're seeing a little bit of profit taking ahead of the PMI data
Positive data could be a mood shifter and lend more support to the V-shaped recovery," said Stephen Innes, chief market strategist at
financial services firm AxiCorp.Economists expect the euro zone composite flash PMI to rise to 42.4 in June from 31.9 last month as European
economies gradually reopen
US manufacturing data is also due at 7:15 pm."However, going forward we are going to see more government and central bank stimulus added to
the punch bowl just to see the market through this second wave, which should be supportive for gold," Mr Innes said.Gold has gained about 15
per cent so far this year, supported mainly by lower interest rates and widespread stimulus measures by global central banks to ease the
economic blow from the coronavirus pandemic, since the non-yielding metal is considered a hedge against inflation and currency
debasement.New infections spiked in Latin America, in Brazil in particular, while New York City, the epicenter of the US outbreak, eased
restrictions on Monday after 100 days of lockdown.Asian shares seesawed following confusing statements from the White House over the
US-China trade deal, with President Donald Trump later clarifying the pact was "fully intact".Elsewhere, palladium fell 1.2 per cent to
$1,915.98 per ounce, platinum dropped 0.7 per cent to $816.46
Silver slipped 0.7 per cent to $17.69, having touched a more than one-week high on Monday.
