PRECIOUS-Gold, silver ease as dollar holds firm near 2-month peak - Reuters

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    * Biggest risk to gold is stronger recovery on vaccines-
analyst
    * Surge in crypto currencies weighing on gold
    * Bank of England policy decision due at 1200 GMT

 (Adds comments, details, updates prices)
    By Sumita Layek
    Feb 4 (Reuters) - Gold and silver prices fell on Thursday as
a firmer dollar dented their appeal, while investors look
forward to the passage of a massive stimulus package in the
United States and the Bank of England's interest rate decision.
    Spot gold        dropped 0.6% to $1,822.01 per ounce by 0330
GMT. U.S. gold futures        fell 0.6% to $1,823.90. 
    Spot silver        declined 1.3% to $26.51. Prices have
eased since hitting a near eight-year peak of $30.03 on Monday
as the social media-driven rally fizzled out.             
    "The major driver across precious metals is the
strengthening of dollar. The moves in silver have been largely
speculation and it's becoming apparent that does not have a
lasting effect," said Michael McCarthy, chief market strategist
at CMC Markets.
    The dollar        hovered close to a two-month peak it hit
on Wednesday, while benchmark 10-year Treasury yields rose to
its highest in over three weeks.             
    "The rise in yields is telling us the central banks are
working on how they will lift the interest rates and withdraw
stimulus rather than the other way round," McCarthy said.
    Gold benefits from an easy monetary policy as it weighs on
government bond yields.
    A recent surge in crypto currencies has also stolen some
shine from gold.                         
    Investors now await the Bank of England policy decision due
at 1200 GMT.             
    Focus also remained on a $1.9 trillion U.S. coronavirus aid
plan, which was pushed by the U.S. House without Republican
support.            
    "The biggest risk to gold is stronger recovery as vaccines
rollout, to the extent that we see U.S. bond yields rally," said
Lachlan Shaw, National Australia Bank's head of commodity
research.
    "Having said that, if the vaccine rollout faces uncertainty,
with these new emerging strains, that can still be supportive
for gold."   
    Platinum        fell 1.4% at $1,085.62 an ounce and
palladium        lost 1.1% to $2,250.06.

 (Reporting by Sumita Layek in Bengaluru; Editing by Krishna
Chandra Eluri)
  

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