PRECIOUS-Gold hits highest since 2011 on stimulus bets, silver at near 7-year peak

* Global coronavirus cases exceed 15 million
* Silver hits a peak since October 2013 at $22.82/oz
* Palladium slips more than 3%
* U.S.-China tensions weigh on stock markets
* GRAPHIC-2020 asset returns: http://tmsnrt.rs/2jvdmXl

(Recasts, adds comments, updates prices)
By Eileen Soreng
July 22 (Reuters) - Gold surged to a nine-year peak on
Wednesday on bets that central banks would introduce more
stimulus measures to ease the economic impact of coronavirus,
while silver scaled a near seven-year high on hopes of a rebound
in industrial activity.
Spot gold XAU= hit its highest since September 2011 in
early trade at $1,865.35, and by 1113 GMT was up 0.9% at
$1,858.39 per ounce. U.S. gold futures GCv1 were 0.9% higher
at $1,859.60.
"The fact that governments, central banks and pretty much
everyone else are looking to more fiscal and monetary policy
inputs is helping drive the yellow metal," said Michael Hewson,
chief market analyst at CMC Markets UK.
With equities struggling to push higher, gold is likely to
test $1,900/oz over the next few days and weeks, Hewson said,
adding that only an improvement in the pandemic situation and
the economy could stop gold's bull run. .EU
Adding to a slew of global measures, European Union leaders
on Tuesday sealed a 750 billion euro ($867.5 billion) recovery
plan, while White House officials and top congressional
Democrats also discussed another round of relief measures.
Non-yielding gold has surged nearly 22% this year, bolstered
by low interest rates and the wave of stimulus.
Coronavirus cases have crossed the 15-million threshold
globally. Meanwhile, U.S.-China friction intensified after Washington
told the Chinese consulate in Houston to shut down in three
days, prompting Europe shares to slip. .EU Restricting bullion's ascent, the dollar .DXY rose 0.1%
against rivals. USD/
Elsewhere, silver XAG= climbed 4% to $22.18 per ounce,
having earlier hit its highest since October 2013 at $22.82.
The performance of silver, which also has industrial uses,
relative to gold this month reflected market optimism for a
global industry revival, said Cailin Birch, global economist at
the EIU.
"Overall, we expect demand for safe-haven assets like gold
and silver to remain relatively strong for the remainder of
2020."
Palladium XPD= slipped 1.7% to $2,121.10 per ounce and
platinum XPT= rose 0.8% to $889.13.

($1 = 0.8645 euros)

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