PRECIOUS-Gold steady as stocks, dollar rebound after Trump win

Nov 10 (Reuters) - Gold held steady early on Thursday after
briefly surging to a six-week high in the previous session, as
global markets and the U.S. dollar showed surprise gains in the
wake of Republican Donald Trump's presidential victory.  
    * Spot gold was little changed at $1,278.25 an ounce
at 0051 GMT. The metal rose nearly 5 percent to $1,337.40 in the
previous session, its highest since Sep. 27, before tumbling
back down as U.S. markets reacted positively to the Trump win.
    * U.S. gold futures were up 0.41 percent to
$1,278.70 per ounce.
    * Asian shares rebounded on Thursday and the dollar firmed
after global markets made a remarkable comeback from the shock
of Republican Donald Trump's presidential victory, dumping
safe-havens for the tempting returns of risk assets. 
    * MSCI's broadest index of Asia-Pacific shares outside Japan
 was up 0.81 percent.
    * The dollar index, which measures the greenback
against a basket of major currencies, was steady at 98.499.
    * Donald Trump's victory in the U.S. presidential race
throws into question the core assumption in global financial
markets that the Federal Reserve will raise interest rates soon
and follow with further gradual hikes over coming years.
    * Trading volumes in COMEX gold futures soared on
Wednesday to reach the highest on record as investors fled to
safe-have bullion in the aftermath of Donald Trump's surprise
victory in the U.S. presidential election. 
    * CME said trading will commence in COMEX's London spot gold
and London Spot Silver Futures on Jan. 8, 2017 for trade date
Jan. 9, 2017 
    * Spot gold prices surged nearly 5 percent with Donald
Trump's surprise U.S. presidential election win spurring
purchases of physical gold. 
    * The European Central Bank is prepared to respond to any
economic shock from Trump's victory but it is too early to draw
any conclusion, ratesetters said on Wednesday. 
    * Spot gold is expected to fall to $1,249 per ounce,
as suggested by its wave pattern and a Fibonacci retracement
    * For the top stories on metals and other news, click
    0745  France           Industrial output           Sep
    1330  U.S.             Weekly jobless claims 

 (Reporting by Apeksha Nair in Bengaluru; Editing by Richard