PRECIOUS-Gold poised for 5th straight weekly rise as risk appetite wanes

(Recasts with latest prices, adds comment)
* Asian equities fall on virus concerns
* GRAPHIC-2020 asset returns: http://tmsnrt.rs/2jvdmXl
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

By Harshith Aranya
July 10 (Reuters) - Gold eased on Friday pressured by a
stronger dollar and hovered near the key $1,800 milestone, but
was set for a fifth straight weekly gain as a spike in U.S.
COVID-19 infections underpinned safe-haven appetite.
Spot gold XAU= was down 0.4% at $1,796.03 per ounce by
0614 GMT, but was up about 1.2% for the week. U.S. gold futures
GCcv1 fell 0.1% to $1,801.10.
"The risk-off backdrop drove haven demand for the U.S.
dollar," pushing gold lower, said DailyFx currency strategist
Ilya Spivak.
"Nevertheless, the pullback looks corrective in the context
of a rising trend."
Gold has risen about 18% this year, with safe-haven demand
fuelled by the surge in coronavirus cases driving the metal to a
near nine-year peak of $1,817.71 on Wednesday.
More than 60,000 fresh COVID-19 cases were reported across
the United States on Wednesday, the largest one-day increase by
any country since the pandemic emerged in China last
year. Reflecting the resultant risk-off sentiment, Asian equities
fell on concerns of fresh lockdowns in the U.S.; which also
boosted the dollar .DXY , a rival safe-haven, making gold more
expensive for holders of other currencies. MKTS/GLOB USD/
Data showed U.S. shoppers were staying out of stores in
areas where cases are rising the most, dampening hopes of a
quick recovery in the world's biggest economy.
Americans filing for jobless benefits dropped to a near
four-month low last week, but a record number were still
collecting unemployment checks in the third week of June,
supporting expectations the labour market would take years to
recover. For gold, longer-term technicals suggest a slowing in the
price momentum, with positioning pointing to a market very long
on gold and implying a short-term pullback is possible, IG
Markets analyst Kyle Rodda said.
Palladium XPD= fell 0.2% to $1,938.83 per ounce, platinum
XPT= declined 0.8% to $826.65, and silver XAG= slipped 0.6%
to $18.54.