PRECIOUS-Gold gains as Biden victory dents dollar, boosts stimulus hopes

PRECIOUS-Gold gains as Biden victory dents dollar, boosts stimulus hopes

* Spot gold may rise to $1,975/oz – technicals * Dollar hovers near a more than two-month low * Interactive graphic tracking global spread of coronavirus: (Adds comments, updates prices) By Eileen Soreng Nov 9 (Reuters) – Gold rose on Monday as Joe Biden’s win in the U.S. presidential race weighed on the dollar and ignited hopes of more monetary stimulus measures to revive an economy battered by COVID-19. Spot gold rose 0.4% to $1,960.11 per ounce by 0817 GMT. Earlier in the session, it hit its highest since Sept. 16 at $1,965.33. U.S. gold futures gained 0.4% to $1,958.80. "Gold prices are moving up anticipating another stimulus (package) by the U.S. and once that comes, you could see another leg of this rally," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai, India. "Considering the way currency debasement is taking place, further upside should […]

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