PRECIOUS-Gold steady as rising virus cases offset vaccine optimism

* Spot gold down 3.7% for the week
* Silver down 5.4% for the week
* Interactive graphic tracking global spread of coronavirus:
https://tmsnrt.rs/3mvcUoa

(Updates prices)
By Asha Sistla
Nov 13 (Reuters) - Gold held steady in a narrow range on
Friday, with optimism over a COVID-19 vaccine countered by
market concerns about its rollout as global infections continue
to mount.
Spot gold XAU= were little changed at $1,877.30 per ounce
by 1132 GMT but was down 3.7% for the week, heading for its
worst weekly loss since September after the initial vaccine
euphoria dented safe-haven investor demand.
U.S. gold futures GCv1 were up 0.2% at $1,877.60.
"Gold has rebounded because the pandemic and the COVID-19
numbers globally are still rising. The market optimism towards
the vaccine and risk-on sentiment has faded," said Bank of China
International analyst Xiao Fu.
"There's only going to be a limited number of vaccines
produced in the next three months, even in 2021, but there could
be other companies coming up with vaccines as well. There could
be other factors like mutation of the virus, the need to develop
a new vaccine."
Gold slumped 4.6% on Monday, its biggest daily fall since
Aug. 11, after drugmaker Pfizer PFE.N and BioNTech SE
22UAy.DE said their COVID-19 vaccine was more than 90%
effective based on initial trial results. .EU
U.S. Federal Reserve chairman Jay Powell and ECB President
Christine Lagarde said the economy was still in for a tough time
even if development of a potential vaccine was reason for some
optimism further ahead. European officials warned against COVID-19 complacency and
said that measures to control a surge in infections must
continue. The dollar index .DXY held steady but was on track for a
0.7% weekly gain. USD/
In other precious metals, silver XAG= was flat at $24.22
an ounce, platinum XPT= rose 0.5% to $884.28 and palladium
XPD= was up 0.5% at $2,343.11.