PRECIOUS-Gold gains as dollar weakens ahead of Yellen speech

Reuters

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    * Dollar eases off four-week peak
    * Investors await U.S. President-elect Joe Biden's oath
ceremony
    * Euro zone finance ministers pledge continued fiscal
support 
    * Interactive graphic tracking global spread of coronavirus:
https://tmsnrt.rs/3mvcUoa

 (Adds analyst comments, updates prices)
    By Asha Sistla
    Jan 19 (Reuters) - Gold edged higher on Tuesday from the
last session's 1-1/2 month low as the dollar eased off highs
ahead of U.S. Treasury Secretary nominee Janet Yellen's speech
later in the day, when she is expected to raise the case for
more fiscal spending.
    Spot gold  XAU=  rose 0.3% to $1,842.46 per ounce by 1024
GMT, recovering from its lowest since Dec. 2 at $1,809.90 hit on
Monday. U.S. gold futures  GCv1  gained 0.7% to $1,842.70.
    "The dollar has weakened a tad, yields have not moved any
higher, which should be helpful but the market is in a bit of
loss of appetite for gold," said Saxo Bank analyst Ole Hansen.
    "The market is lacking confidence at this point and in order
for that to resume we need to see renewed focus on inflation as
being a driver and we need to see the recent dollar strength
start to fade." 
    The dollar index slipped from a four-week high hit in the
previous session, while benchmark 10-year Treasury yields
 US10YT=RR  were range-bound, but held above 1%.  USD/   US/ 
    Investors await Biden's inauguration on Wednesday mired in
security concerns after the Jan. 6 assault on the U.S. Capitol
by supporters of President Donald Trump. 
    Also on investors' radar is Yellen's testimony in which she
is expected to affirm that the U.S. does not seek a weaker
dollar and that the government must "act big" with its virus
relief package.  urn:newsml:reuters.com:*:nL1N2JS0LP  urn:newsml:reuters.com:*:nL1N2JT1NC
    Euro zone finance ministers pledged continued fiscal support
for their economies, while focus in the United States remains on
Biden's $1.9 trillion stimulus package proposal.  urn:newsml:reuters.com:*:nL1N2JP30P
 urn:newsml:reuters.com:*:nL1N2JT1KG
    "Global central bank members are cognizant that even though
equity markets are doing well, the underlying economy is still
very weak and stimulus measures are needed," said Michael
Langford, director at corporate advisory AirGuide.
    Silver  XAG=  eased 0.1% to $25.31 an ounce. Platinum  XPT= 
gained 1.6% to $1,095.98 and palladium  XPD=  was up 0.1% to
$2,374.35.

 (Reporting by Asha Sistla and Sumita Layek in Bengaluru,
additional reporting by Swati Verma, editing by Nick Macfie)
 ((Asha.Sistla@thomsonreuters.com; If within U.S. +1 646 223
8780; outside U.S. +91 80 6182 2808; Reuters Messaging: Reuters
Messaging: asha.sistla.thomsonreuters.com@reuters.net))

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