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PRECIOUS-Gold prices firm as dollar eases after Biden win

Credit: REUTERS/ARND WIEGMANN

Gold prices edged higher in early Asian trade on Monday, propped up by a weaker dollar and hopes of more stimulus measures under U.S. President-elect Joe Biden.

Nov 9 (Reuters) - Gold prices edged higher in early Asian trade on Monday, propped up by a weaker dollar and hopes of more stimulus measures under U.S. President-elect Joe Biden.

FUNDAMENTALS

* Spot gold rose 0.1% to $1,953.45 per ounce by 0049 GMT. On Friday it hit $1,960.13, the highest since Sept. 18.

* U.S. gold futures rose 0.2% to $1,955.60 per ounce.

* The dollar index was hovering near a more than two-month low. [USD/]

* Biden and his advisers are working on plans to tackle the crises facing a divided America, first and foremost the raging pandemic, a day after the Democrat won enough states to clinch the U.S. presidency.

* A potentially divided U.S. government with Republicans in control of the Senate may mean a smaller fiscal stimulus package, but that could put the spotlight on the Federal Reserve to do more to revive the economy.

* Gold tends to benefit from widespread stimulus as it is considered a hedge against inflation.

* Labour Department's employment report on Friday showed the U.S. economy created the fewest jobs in five months in October and more Americans are working part time.

* Global COVID-19 infections exceeded 50 million on Sunday, according to a Reuters tally.

* Significant differences remain in talks over a trade deal between Britain and the European Union, both sides said, as they promised to step up efforts to find an agreement.

* Holdings in SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 0.63% to 1,260.30 tonnes on Friday.

* Speculators cut their net long position in COMEX gold by 9,657 contracts to 121,951 in week to Nov. 3, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

* Silver rose 0.5% to $25.72 per ounce. Platinum gained 0.8% to $896.04, while palladium fell 0.4% to $2,480.76. (Reporting by Eileen Soreng in Bengaluru; editing by Uttaresh.V) ((eileen.soreng@thomsonreuters.com; Within U.S. +1 646 223 8780, Outside U.S. +91 80 6749 6131; Reuters Messaging: eileen.soreng.thomsonreuters.com@reuters.net)) Keywords: GLOBAL PRECIOUS/

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