PRECIOUS-Gold steadies as firm dollar offsets tighter lockdown impact - Reuters

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 (Adds analyst comments, updates prices)
    * Powell sees no reason to alter Fed's accommodative stance
    * Platinum gains more than 3% for the week
    * Interactive graphic tracking global spread of coronavirus:
tmsnrt.rs/3mvcUoa

    By Asha Sistla
    Jan 15 (Reuters) - Gold prices held steady on Friday,
trapped between pressure from a firm dollar and high Treasury
yields and support from coronavirus lockdowns in Europe and
dovish policy noises from the U.S. Federal Reserve.
    Spot gold        was little changed at $1,846.50 per ounce
by 1313 GMT, while U.S. gold futures        fell 0.2% to $1,847.
    "We are just hovering above this crucial (200-day average)
level and there is no upward momentum as the dollar is not
weakening at this point and we're also seeing no big moves in
yields so it's a bit of a range trade (for gold) currently,"
said ABN Amro analyst Georgette Boele.
    A resilient dollar remained a headwind for bullion, with
Benchmark 10-year Treasury yields             holding close to
near 10-month highs touched earlier in the week.             
    However, underpinning bullion, stricter lockdowns in Germany
and France as well as new COVID-19 restrictions in China
dampened optimism about a global economic recovery.             
                         
    "We just reached the 2 million death mark, which is a
horrible statistic. But it clearly highlights the prolonged
effort to get us to the other side of this pandemic," said Saxo
Bank analyst Ole Hansen. He added, however, that vaccine
rollouts could offset some of these concerns in the short term. 
    The gold market also found support from comments from the
U.S. Federal Reserve chairman, suggesting no change in interest
rates, Hansen added.                           
    While gold is considered a hedge against the inflation and
currency debasement that can result from widespread stimulus, a
recent jump in bond yields has challenged that status as it
increases the opportunity cost of holding non-yielding bullion.
    Silver        fell 1% to $25.27 an ounce. Platinum       
dipped 1.8% to $1,098, but was up more than 3% so far this week,
while palladium        shed 0.4% to $2,399.72.

 (Reporting by Asha Sistla in Bengaluru
Editing by Mark Heinrich and Alexander Smith)
  

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