PRECIOUS-Gold prices gain some ground on stimulus hopes

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% […]

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