PRECIOUS-Gold bounces off 5-month low on weaker dollar, virus woes

 (Updates prices)
    * Gold supported by physical demand from India, China -
    * Silver rises as much as 4%
    * Powell's testimony before Senate Banking Committee due
1500 GMT
    * Interactive graphic tracking global spread of coronavirus:

    By Eileen Soreng
    Dec 1 (Reuters) - Gold rose over 1% on Tuesday, rebounding
from a five-month trough in the previous session, on a weaker
dollar and as rising coronavirus cases overshadowed some of the
optimism for a quicker vaccine-fueled economic recovery.
    Spot gold        climbed 1.5% to $1,804.33 per ounce by 1217
GMT. U.S. gold futures        gained 1.6% to $1,809.60.
    The metal clocked its worst monthly fall in four years on
Monday, slipping to $1,764.29, the lowest since July 2, as
investors flocked to riskier assets such as equities.  
    "Gold seems to be deriving strength from a tired dollar and
mixed comments from U.S. Federal Reserve Chair Jerome Powell and
Treasury Secretary Steve Mnuchin," said Lukman Otunuga, senior
research analyst at FXTM. 
    "Concerns over spiking coronavirus cases are also
contributing to the metal's upside despite the growing optimism
around vaccine developments."
    In remarks released on Monday, Powell said the U.S. is
entering "challenging" few months, while a potential vaccine
faces challenges of production and mass distribution before its
economic impact becomes clear.                          
    Meanwhile, a survey showed euro zone factory growth cooled
in November as renewed coronavirus lockdown measures hurt
    Making gold cheaper for investors holding other currencies,
the dollar        fell, pressured by expectations of more U.S.
economic stimulus, with attention turning to Powell's testimony
before the Senate Banking Committee later in the day.       
    Underlying drivers for gold have not changed, including the
dollar, and movements in real yields, which are still at their
lowest in about a month, said Saxo Bank analyst Ole Hansen.
    Non-yielding gold has risen over 18% so far this year, given
its appeal as a hedge against inflation spurred by the
unprecedented stimulus measures unleashed to ease the pandemic's
economic blow.
    Bullion also remains supported by physical demand from India
and China at current levels, said independent analyst Ross
    Silver        gained 3.5% to $23.40 per ounce, while
platinum        rose 1.7% to $980.90 and palladium        rose
0.8% to $2,392.34. 

 (Reporting by Eileen Soreng in Bengaluru, editing by Louise
Heavens and Bernadette Baum)