PRECIOUS-Gold holds firm above $1,800/oz on virus fears, weaker dollar

* Specs raise gold bullish positions in week ended July 7 -
CFTC
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

(Adds technicals chart, updates prices)
By Brijesh Patel
July 13 (Reuters) - Gold prices rose on Monday, holding
ground above the key $1,800-per-ounce level, as a weaker dollar
and worries over surging COVID-19 cases around the globe kept
the safe-haven metal underpinned.
Spot gold XAU= was up 0.5% at $1,807.16 per ounce by 0731
GMT. U.S. gold futures GCv1 rose 0.5% to $1,811.10.
"The COVID-19 narrative is not going away and (we) don't
think the U.S. Federal Reserve is going to change course on the
rates anytime soon, which should support gold prices," said
Stephen Innes, chief market strategist at financial services
firm AxiCorp.
The medium-term outlook for the economic recovery still
looks very uncertain and this continues to provide ample room
for gold to float higher, Innes added.
More than 12.83 million people have been reported to be
infected by the novel coronavirus globally and 565,626​ have
died, according to a Reuters tally. Coronavirus infections in the United States continued to
surge over the weekend as Florida reported a record increase of
more than 15,000 new cases in 24 hours on Sunday. The dollar index .DXY fell 0.2% against its rivals, making
gold less expensive for holders of other currencies. USD/
Adding to the worries over economic pain, U.S. President
Donald Trump on Friday said he was not currently thinking about
negotiating a "Phase 2" trade deal with China. Gold is used as a safe investment during times of political
and financial uncertainty.
Indicative of investor sentiment, speculators increased
their bullish positions in COMEX gold and silver contracts in
the week to July 7, the U.S. Commodity Futures Trading
Commission said on Friday. CFTC/
Spot gold still targets $1,831, as it has broken a
resistance at $1,796 per ounce, according to Reuters technical
analyst Wang Tao. TECH/C
Elsewhere, palladium XPD= gained 0.8% to $1,985.98 per
ounce, platinum XPT= rose 2.8% to $837.57, and silver XAG=
climbed 2% to $19.05.

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