Nov 10 (Reuters) - Gold prices edged higher in early Asian
trade on Tuesday after falling as much as 5.2% in the previous
session, as hopes of more U.S. stimulus measures to weather the
impact of rising COVID-19 cases nudged investors towards the
precious metal as an inflation hedge.
FUNDAMENTALS
* Spot gold rose 0.5% to $1,871.81 per ounce by 0136
GMT
* It fell to $1,849.93, its lowest level since Sept. 28, on
Monday after U.S. drugmaker Pfizer Inc said its
experimental COVID-19 vaccine was more than 90% effective, based
on initial trial results.
* "I still think we've got more stimulus coming and the Fed
will keep rates low, while a vaccine is going to provide that
reflationary impulse... That's why the markets are still holding
onto gold," said Stephen Innes, chief global market strategist
at financial services firm Axi.
* U.S. gold futures were up 0.8% at $1,869.40.
* U.S. President Donald Trump's campaign on Monday filed a
lawsuit in a Pennsylvania federal court, seeking to block state
officials from certifying President-elect Joe Biden's victory in
the state.
* Dallas Federal Reserve Bank President Robert Kaplan said
on Monday the U.S. economy is rebounding from a deep
contraction, but the resurgence of COVID-19 poses downside
risks.
* Cleveland Federal Reserve Bank President Loretta Mester
said the emergency lending programs the Fed set up during the
coronavirus pandemic are still needed.
* Holdings in SPDR Gold Trust , the world's largest
gold-backed exchange-traded fund, fell 0.83% to 1,249.79 tonnes
on Monday.
* Silver rose 0.1% to $24.10 per ounce. Platinum
and palladium were up 0.2% at $868.30 and
$2,483.07, respectively.
DATA/EVENTS (GMT)
0700 UK Claimant Count Unem Chng Oct
0700 UK ILO Unemployment Rate Sep
1000 Germany Zew Economic Sentiment Nov
1000 Germany Zew Current Conditions Nov
(Reporting by Eileen Soreng in Bengaluru; Editing by
Ramakrishnan M.)
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