PRECIOUS-Gold firms on weaker dollar as investors gauge Yellen's views

* Dollar eases off four-week peak
* Investors await Biden's oath ceremony
* Interactive graphic tracking global spread of coronavirus:
https://tmsnrt.rs/3mvcUoa

(Updates prices)
By Shreyansi Singh
Jan 19 (Reuters) - Gold held on to gains on Tuesday as the
dollar remained under pressure, with prospects for more stimulus
buoying bullion's appeal as an inflation hedge.
Spot gold XAU= was up 0.2% at $1,840.38 per ounce at 02:01
p.m. EST (1901 GMT), recovering from its lowest since Dec. 2 at
$1,809.90 hit on Monday.
U.S. gold futures GCv1 settled up 0.6% to $1,840.20.
The value of the U.S. dollar should be determined by
markets, Janet Yellen, U.S. President-elect Joe Biden's nominee
for Treasury Secretary, told Senate lawmakers at her
confirmation hearing on Tuesday. Yellen also reaffirmed her commitment to relief measures and
underlined the depth of the economic crisis.
Gold is considered a hedge against inflation and currency
debasement that can result from widespread stimulus.
The dollar is "going to be driven by market forces and for
the time being, market forces are pointing to a lower dollar,"
said Daniel Ghali, commodity strategist at TD Securities.
The dollar index slipped from a four-week high hit in the
last session, making bullion cheaper for holders of other
currencies. USD/ US/
"As long as we get this momentum (in equities) on the
upside, it makes gold prices relatively trade within a range,"
said Jeffrey Sica, founder of Circle Squared Alternative
Investments, adding the likelihood of more stimulus was very
positive for gold. "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. .N
Investors also await Biden's inauguration on Wednesday, amid
security measures that have been stepped up after the Jan. 6
riot at the U.S. Capitol.
Silver XAG= eased 0.5% to $25.20 an ounce, platinum XPT=
gained 0.4% to $1,082.92 and palladium XPD= was down 0.6% at
$2,357.76.