PRECIOUS-Gold rises on inflation bets ahead of Biden unveiling stimulus

Jan 14 (Reuters) - Gold prices rose on Thursday ahead of
U.S. President-elect Joe Biden's coronavirus stimulus proposal,
while data showing U.S. consumer prices rose solidly in December
bolstered bets of higher inflation.

FUNDAMENTALS
* Spot gold XAU= rose 0.3% to $1,848.07 per ounce by 0054
GMT, while U.S. gold futures GCv1 eased 0.4% to $1,847.70.
* Biden will press Congress on Thursday to deliver immediate
pandemic "rescue" efforts before turning to broader "recovery"
measures like healthcare and infrastructure, the incoming
administration's top economic adviser said on
Wednesday. * Biden last week estimated his economic relief plan would
cost "trillions" of dollars. * U.S. consumer prices increased solidly in December and
inflation could temporarily accelerate this year as the
government provides more money to stimulate the economy.
* Gold is considered a hedge against inflation.
* U.S. economic activity increased modestly in recent weeks
and a growing number of the Federal Reserve's districts saw a
drop in employment as a surge in coronavirus cases led to more
shutdowns of businesses, the U.S. central bank said on
Wednesday. * The U.S. House of Representatives passed a single article
of impeachment accusing President Donald Trump of "incitement of
insurrection", making him the first president in U.S. history to
be impeached twice. * Exchange traded funds (ETFs) storing gold for investors
shrank for a second month in December, but nevertheless grew
more than ever before in 2020 thanks to massive stockpiling
earlier in the coronavirus outbreak. * Holdings of the world's largest gold-backed
exchange-traded fund SPDR Gold Trust GLD fell 0.9% to 1,171.21
tonnes on Wednesday. * Silver XAG= rose 0.8% to $25.34 an ounce. Platinum
XPT= climbed 0.4% to $1,098.77, while palladium XPD= eased
0.4% to $2,375.45.

DATA/EVENTS (GMT)
0630 India WPI Inflation YY Dec
1330 US Initial Jobless Clm Weekly
- China Exports, Imports YY Dec
- China Trade Balance USD Dec