PRECIOUS-Gold range-bound, caught between vaccine hopes and rising virus cases

    * Fed's Powell says "long way to go" for economy to recover
    * Platinum market in deficit this year and next- WPIC
    * Interactive graphic tracking global spread of coronavirus:

 (Adds comments, updates prices)
    By Eileen Soreng
    Nov 18 (Reuters) - Gold inched up and moved in a narrow
range on Wednesday, as investors weighed the prospects of a
COVID-19 vaccine against concerns over rising cases and the
possibility of further economic support from the U.S. Federal
    Spot gold        rose 0.1% to $1,880.81 per ounce by 0707
GMT, while U.S. gold futures        were down 0.4% at $1,878.30.
    Gold shed as much as 1.3% on Monday after Moderna         
said its vaccine was 94.5% effective in a late-stage trial.
    "There's a lack of catalyst for gold to rally ... Weighing
on prices is a slight depression in inflation expectations
because it's quite clear now that the U.S. fiscal stimulus will
probably not be as sizeable as previously imagined," said IG
Markets analyst Kyle Rodda.
    The emphasis is now on the Fed to support the U.S. economy
through the surge in coronavirus cases, he added. 
    Fed chair Jerome Powell said on Tuesday there's "a long way
to go" for the economy to recover and that the central bank is
committed to using all its tools to support the recovery.
    Meanwhile, data showed U.S. retail sales rose less than
expected in October.             
    "Gold has clearly run out of upward momentum, with the
short-term market clearly long," said Jeffrey Halley, senior
market analyst at OANDA, adding, a daily close below key support
around the $1,867 level could signal a deeper correction.
    "I expect monetary policy globally, and especially from the
Fed to be ultra-easy right through 2021." 
    Gold, considered a hedge against inflation and currency
debasement, has gained over 24% this year, mainly benefiting
from massive global stimulus. 
    Silver        rose 0.1% to $24.48 per ounce and palladium
       was up 0.3% to $2,323.74.
    Platinum        gained 0.6% to $930.40. 
    The World Platinum Investment Council projected a market
deficit of 1.2 million ounces and 224,000 ounces in 2020 and
2021, respectively.             

 (Reporting by Eileen Soreng in Bengaluru; Editing by Rashmi