PRECIOUS-Gold flat as concerns over rising virus cases offset vaccine optimism

Nov 17 (Reuters) – Gold prices were little changed on Tuesday, as concerns over spiking U.S. coronavirus cases offset pressure from vaccine optimism brought about by a positive vaccine trial data. FUNDAMENTALS * Spot gold was unchanged at $1,887.99 per ounce by 0050 GMT, while U.S. gold futures were up 0.1% at $1,888.70. * Bullion dropped as much as 1.3% on Monday after drugmaker Moderna said its experimental vaccine was 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial. * President-elect Joe Biden on Monday called on Congress to come together and pass a new coronavirus relief package. * Forty U.S. states have reported record increases in COVID-19 cases in November, while 20 have seen a record rise in deaths and 26 reported record hospitalizations, according to a Reuters tally of public health data. * Successful tests of two coronavirus vaccine candidates have increased the […]

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