PRECIOUS-Gold edges up on stimulus prospects under Biden Administration

Jan 8 (Reuters) - Gold prices rose on Friday and were set to
post a second straight weekly gain, as hopes for additional U.S.
fiscal stimulus under incoming President Joe Biden boosted the
metal's appeal.

FUNDAMENTALS
* Spot gold XAU= climbed 0.1% to $1,913.91 per ounce by
0042 GMT and was up 0.8% so far this week. U.S. gold futures
GCv1 gained 0.2% to $1,916.80.
* With control over the U.S. Senate, Democrats have more
power to advance Biden's agenda from coronavirus relief to
infrastructure spending. * A recent rise in U.S. bond yields and market inflation
expectations has bolstered Federal Reserve officials' hopes that
the central bank's new monetary policy approach is taking hold
and could be further buoyed if Congress rolls out more
spending. * Bullion is considered a hedge against inflation and
currency debasement likely to result from large stimulus.
* President Donald Trump conceded on Thursday that Biden
will be the next U.S. president, a day after his supporters
stormed the U.S. Capitol as Congress was certifying Biden's
victory in a stunning assault on American democracy.
* The number of Americans filing first-time claims for
jobless benefits unexpectedly dipped last week while staying
extremely high, with the labour market recovery appearing to
stall as a raging pandemic overwhelms the country. U.S. Federal, state and local officials sought to speed up
slow-moving vaccinations on Thursday, a day after a record 4,000
Americans died. * Holdings of the world's largest gold-backed
exchange-traded fund, SPDR Gold Trust GLD , fell 0.4% to
1,182.11 tonnes on Thursday. GOL/ETF
* Silver XAG= rose 0.1% to $27.12 an ounce. Platinum
XPT= eased 0.2% to $1,115.11, while palladium XPD= gained
0.1% to $2,421.76.

DATA/EVENTS (GMT)
0700 Germany Industrial Output MM Nov
0745 France Reserve Assets Total Dec
0830 UK Halifax House Prices MM Dec
1000 EU Unemployment Rate Nov
1330 US Non-Farm Payrolls Dec
1330 US Unemployment Rate Dec
1330 US Average Earnings YY Dec