Q21 Terrazas de Teatinos y olvídate de los problemas nuevos vecinos dehesa de los reyes//
PRECIOUS-Gold reclaims $1,500 mark as focus turns to Fed

Nuevos Vecinos, Madrid, España
PRECIOUS-Gold reclaims $1,500 mark as focus turns to Fed

* Investors await Fed minutes on Wednesday, central bankers’ summit

* Silver jumps 1%; Palladium hits 3-wk high

* GRAPHIC-2019 asset returns: (Adds comments, updates prices)

By Brijesh Patel

Aug 20 (Reuters) – Gold prices recovered to over $1,500 an ounce on Tuesday, following the previous session’s steep fall, as focus turned to U.S. Federal Reserve policy statements and growth concerns.

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Spot gold was up 0.4% to $1,501.50 per ounce by 0927 GMT, after falling to a near one-week low of $1,492.10 on Monday. U.S. gold futures gained 0.1% to $1,513.40.

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“This is a rebound after prices dropped for the last few days because the sentiment was improving in the financial markets and short-term traders took some profits after the (recent) rally,” Julius Baer analyst Carsten Menke said.

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“However, fundamental backdrop for gold remains very supportive,’’ he added, citing the ongoing trade dispute between the U.S. and China and a potential interest rate cut from the Fed.

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Equity markets around the world gained as hopes for stimulus in major economies tempered fears of a global recession.

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The shift in sentiment for riskier assets saw gold shedding more than 1.2% on Monday, its biggest daily percentage decline in a month. However, prices have risen nearly 17% this year and more than $80 so far this month

The Fed’s minutes from its July policy meeting are due on Wednesday, with investors also keeping a close eye on the central bank’s Jackson Hole seminar and this weekend’s Group of Seven summit

“While the improving market mood has the potential to send the precious metal lower in the near term, the medium to longer term outlook remains bullish,” FXTM analyst Lukman Otunuga said in a note

Traders see about an 83.8% chance of a 25 basis-point interest rate cut by the Fed in September

Lower U.S. interest rates put pressure on the dollar and bond yields, increasing the appeal of non-yielding bullion

The dollar index hit a more than three-week high on Tuesday, boosted by slightly higher Treasury yields

Among other precious metals, silver rose above the key $17 mark, gaining nearly 1% to $17.01 per ounce

Palladium climbed 0.6% to $1,481.34, while Platinum gained 0.3% to $852.28. (Reporting by Brijesh Patel in Bengaluru. Editing by Mike Harrison)