PRECIOUS-Gold at 1-1/2-month low as resilient U.S. dollar dents bullion appeal - Reuters

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    Jan 18 (Reuters) - Gold prices dropped to their lowest in
1-1/2 months on Monday, as a stronger U.S. dollar made bullion
expensive for other currency holders, despite expectations of a
large COVID-19 relief package in the United States.
    
    FUNDAMENTALS
    * Spot gold        fell 0.3% to $1,820.46 per ounce by 0048
GMT, having fallen to their lowest since Dec. 2, 2020 at
$1,809.90 earlier in the session. U.S. gold futures        eased
0.7% to $1,816.80.
    * The U.S. dollar        strengthened to its highest in four
weeks against rival currencies.       
    * U.S. President-elect Joe Biden said on Friday he wants 100
million COVID-19 vaccine shots during his first 100 days in
office, a day after unveiling a $1.9 trillion stimulus package
proposal to jump-start the economy.             
    * U.S. retail sales fell for a third straight month in
December, while U.S. producer prices rose moderately, suggesting
that an anticipated pick-up in inflation in the coming months
will probably not be worrisome.                         
    * China's economic recovery likely accelerated in the fourth
quarter, driven by stronger demand at home and abroad and policy
stimulus, which is expected to provide a solid boost into
2021.            
    * Holdings of the world's largest gold-backed
exchange-traded fund, SPDR Gold Trust       rose 1.4% to
1,177.63 tonnes on Friday.          
    * Speculators reduced their bullish positions in COMEX gold
and silver contracts in the week ended Jan. 12, data showed on
Friday.                 
    * Physical gold in top consumer China was sold at a small
premium for the first time since early 2020 last week, as demand
picked up ahead of the Chinese new year.        
    * Silver        fell 0.6% to $24.57 an ounce. Platinum
       rose 0.4% to $1,078.19, while palladium        shed 0.2%
to $2,377.49.
    
DATA/EVENTS (GMT)
0200  China  Urban Investment (YTD) YY   Dec
0200  China  Industrial Output YY        Dec
0200  China  Retail Sales YY             Dec
0200  China  GDP YY                      Q4

 (Reporting by Sumita Layek in Bengaluru, Editing by Sherry
Jacob-Phillips)
  

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