PRECIOUS-Gold inches higher on stimulus hopes, virus concerns

Credit: REUTERS/STAFF Nov 11 (Reuters) – Gold prices edged higher on Wednesday supported by hopes of more U.S. stimulus measures as surging COVID-19 cases threaten to hamper economic recovery, although optimism over vaccine developments limited gains.

FUNDAMENTALS

* Spot gold rose 0.2% to $1,879.31 per ounce by 0054 GMT.

* U.S. gold futures were up 0.1% at $1,878.70.* A surge in coronavirus cases threatens to slow U.S. economic growth once more in coming months, Federal Reserve policymakers said on Tuesday, and to get through it the economy will again need government aid.* Gold tends to benefit from widespread stimulus as it is considered a hedge against inflation and currency debasement.* U.S. job openings increased less than expected in September while hiring fell, suggesting the labor market recovery was petering out even before a resurgence in new COVID-19 cases which is expected to slow momentum.* California and several states across the U.S. Midwest […]

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