PRECIOUS-Gold firms as new virus cases cast shadow over economic recovery hopes

* Spot gold hits a high since June 12 at $1,736.49/oz
* BoE expected to boost quantitative easing programme
* Gold likely to hold $1,700-$1,750 over near term-analyst

(Recasts, adds comments, updates prices)
By Eileen Soreng
June 18 (Reuters) - Gold prices rose on Thursday, as fears
that new coronavirus cases could impede economic recovery
bolstered demand for the precious metal and weighed on riskier
assets.
Spot gold XAU= was up 0.3% at $1,731.88 per ounce by 0933
GMT, having earlier hit a near one-week high of $1,736.49. U.S.
gold futures GCv1 rose 0.5% to $1,744.80 per ounce.
Gold, seen as a safe asset during times of economic turmoil,
continues to be supported by persistent concerns over the state
of the global economy, said FXTM market analyst Han Tan.
"Investors are currently dealing with competing narratives,
between the risks of a second wave and the optimism surrounding
the post-pandemic recovery," Tan said.
Once markets get more clarity that should determine
bullion's path outside of the $1,660-$1,750 range, he said.
The imposition of travel curbs in Beijing to stop a new
outbreak of coronavirus in the Chinese capital and surging new
infections in several U.S. states have marred hopes of a swift
global economic recovery, pressuring stock markets. MKTS/GLOB
Investors now await a Bank of England meeting, where
policymakers are expected to expand quantitative easing, and
U.S. weekly jobless claims data, due later on Thursday, for
further clues on the global economic outlook. U.S. Fed Chair Jerome Powell said on Wednesday the U.S.
economy is beginning to recover from the worst of the
coronavirus crisis, but with some 25 million Americans displaced
from work and the pandemic ongoing, it will need more help.
"Ongoing risks to the global economic recovery, especially
with regards to recent spikes in virus cases in both the U.S.
and China continue to underpin (gold's) price action. However, a
lack of physical demand is likely to see gold hold $1,700-$1,750
over the near term," MKS PAMP said in a note.
Elsewhere, palladium XPD= rose 0.1% to $1,923.83 per
ounce, while platinum XPT= was up 0.2% at $820.51.
Silver XAG= was 0.3% higher at $17.63.