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PRECIOUS-Gold gains on mounting pandemic, vaccine worries

    * Gold prices still headed for worst week in seven
    * Dollar index drops as boost from vaccine eases
    * Interactive coronavirus graphic: tmsnrt.rs/3mvcUoa

 (Updates prices)
    By Sumita Layek
    Nov 13 (Reuters) - Gold rose on Friday as increasing
coronavirus infections globally re-ignited concerns about the
economic toll from the pandemic, while scepticism over the reach
of a potential COVID-19 vaccine further boosted the safe-haven
metal.
    Spot gold        rose 0.5% to $1,884.76 per ounce by 1:57
p.m. EST (1857 GMT). But bullion was still bound for its worst
weekly loss since late September, down 3.4% so far, mainly hurt
by initial euphoria over an effective vaccine from Pfizer
        earlier in the week. 
    U.S. gold futures        settled up 0.7% at $1,886.20. 
    "We have got COVID-19 raging in the U.S. and the uncertainty
surrounding that and the potential for some more economic damage
in the coming months; all that is working in favour of gold
market bulls," Kitco Metals senior analyst Jim Wyckoff said.
    Pfizer and BioNTech SE            on Monday said their
COVID-19 vaccine was more than 90% effective based on initial
trial results.                                    
    "Everybody was excited about the vaccine, but then the grim
realization sets in that it will probably not be available for
general public consumption until late winter or spring and until
then ... we've got to get through some very rough waters,"
Wyckoff said.
    Also supporting bullion, the dollar        eased.       
    "There is fear of a second wave with lockdowns and
restrictions and the market has to work through (some) stimulus
whether we're in a lame duck situation or with a new
president-elect," said Eli Tesfaye, senior market strategist at
RJO Futures.
    "So, the market at some point has to anticipate that cash
and price in the potential inflation."
    Gold is considered a hedge against inflation and currency
debasement likely to result from large stimulus.   
    Silver        climbed 1.5% to $24.59 an ounce, platinum
       rose 1% to $888.76 and palladium        fell 0.1% to
$2,328.98.

 (Reporting by Sumita Layek in Bengaluru
Editing by Kirsten Donovan and Steve Orlofsky)
  
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