PRECIOUS-Gold supported by rising COVID-19 cases after vaccine hit

* Spot gold down 3.7% for the week
* Silver down 5% for the week
* Interactive graphic tracking global spread of coronavirus:
https://tmsnrt.rs/3mvcUoa

(Recasts, adds quotes, updates prices)
By Eileen Soreng
Nov 13 (Reuters) - Although fears over the economic fallout
from mounting COVID-19 cases supported prices on Friday, gold
was headed for its biggest weekly loss since September after
positive news about a potential vaccine.
Spot gold XAU= rose 0.2% to $1,879.20 per ounce by 0814
GMT, but was down 3.7% for the week.
U.S. gold futures GCv1 gained 0.3% to $1,878.20.
Gold slumped 4.6% on Monday after Pfizer PFE.N said its
experimental COVID-19 vaccine was over 90% effective based on
initial trial results. "Investors may also be wary of other companies announcing
trial data in the coming weeks, which if successful, could put
more downward pressure on gold," Jeffrey Halley, senior market
analyst at OANDA, adding, gold will struggle to reclaim $1,900.
The vaccine optimism has been tempered by spike in cases in
the U.S. and Europe. ED&F Man Capital Markets analyst Edward Meir said people
were realising that a significant roll-out of a vaccine will
take time, while the need for relief is immediate.
A Reuters tally showed novel coronavirus cases soared by
more than 100% in 13 U.S. states in the past two weeks, while
the global tally crossed 52.45 million, underpinning the need
for more stimulus. Top Democrats in the U.S. Congress urged renewed talks over
a multi-trillion dollar aid proposal, but a top Republican
immediately rejected this as too expensive. "The fact that there isn't a stimulus coming seems to be
keeping a lid on it (gold)... If Congress actually comes up with
a limited package, that would be beneficial," Meir added.
Gold tends to benefit from stimulus measures from central
banks as it is considered a hedge against inflation and currency
debasement, which has driven a rise of about 24% this year.
Silver XAG= rose 0.4% to $24.32. Platinum XPT= was up 1%
at $888.30, while palladium XPD= was 0.5% higher at $2,343.84.