Credit: REUTERS/MICHAEL DALDERJuly 15 (Reuters) - Gold inched higher on Wednesday, holding firm above the key $1,800 level, as worries over surging coronavirus cases and simmering China-U.S. tensions lifted demand for the safe-haven metal.
FUNDAMENTALS
* Spot gold
* Coronavirus cases continue to rise in the United States. With more than 3.3 million cases, it has one of the highest rates of cases per capita in the world.
* Many U.S. states have temporarily halted the reopening of their economies in order to curtail the outbreak, which has infected more than 13 million people worldwide so far.
* Federal Reserve officials warned on Tuesday the U.S. economy faces a longer recovery from the pandemic, and economic pain could still worsen as cases mount.
* U.S. President Donald Trump signed legislation and an executive order to hold China "accountable" for the national security law it imposed on Hong Kong.
* Trump also shut the door on "Phase 2" trade negotiations with China, saying he does not want to talk to Beijing about trade because of the coronavirus pandemic.
* The Bank of Japan is expected to hold steady on policy after Wednesday's meeting, but investors will be gauging its economic projections and any reassurances of additional stimulus if needed.
* Gold tends to benefit from widespread stimulus measures from central banks because it is widely viewed as a hedge against inflation and currency debasement.
* Palladium
DATA/EVENTS (GMT) 1315 US
Industrial Production MM June 1800 US
Federal Reserve issues the Beige Book of
economic condition -- Japan JP BOJ Rate Decision (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu) ((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848 5832, Outside U.S. +91 8067493865; Reuters Messaging: Brijesh.Patel1.thomsonreuters.com@reuters.net)) Keywords: GLOBAL PRECIOUS/
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