* Equities ignore worries of viruses weighing on gold
* Focus on the ECB meeting at 11:45 GMT for political benchmarks (redesigns, addition of comments, price updates)
July 22 (Reuters) – Gold prices continued to fall to their lowest level in nearly two weeks on Thursday following a rebound in equities and a stronger US dollar, as investors shrank turned to the European Central Bank for their policy.
Spot gold fell 0.5% to $ 1,794.58 an ounce at 08:43 GMT. US gold futures slipped 0.5% to $ 1,793.90.
“Due to the return of risk appetite in the market, concerns about the possible implications of the coronavirus have again abated,” said Eugen Weinberg, analyst at Commerzbank.
“As a result, gold as a safe haven in this situation has not seen huge demand.”
Shares have returned to near record highs in Europe, with investors betting the ECB will keep its stimulus taps fully open as long as COVID-19 remains a threat to growth.
“It is the market’s confidence in the ECB and the ability of the Federal Reserve to fight any economic danger, and therefore not need additional refuge in the form of gold,” Weinberg added.
The dollar index remained stable, hovering below a 3.5 month high.
Policymakers at the European Central Bank (ECB) will implement policy changes for the first time and are almost certain to promise an even longer stimulus period to deliver on their pledge to boost inflation.
Market participants are also looking at weekly jobless claims in the United States which are expected to be released later today.
“Technically nothing has changed in the last 24 hours (for gold) with the price still trading in the sideways trading range between $ 1,790 and $ 1,820,” said Carlo Alberto De Casa, analyst market at Kinesis.
“A clear breach of any of these thresholds would likely indicate the new directionality of bullion.”
Meanwhile, benchmark US Treasury yields continued to rebound from their five-month lows, putting further pressure on bullion.
Elsewhere, silver edged down 0.6% to $ 25.07 an ounce, palladium rose 0.5% to $ 2,666.79, and platinum fell 0.1% to 1,078. , $ 48. (Reporting by Arundhati Sarkar in Bangalore; Editing by Elaine Hardcastle)