PRECIOUS-Gold falls as Biden transition, vaccine hopes erode appeal

(Updates prices)
* Asian equities extend gains
* More gold selling likely below $1,800/oz - analyst
* Fed minutes due at 1900 GMT
* Interactive graphic tracking global spread of coronavirus:
https://tmsnrt.rs/3aIRuz7
in an external browser

By Nakul Iyer
Nov 25 (Reuters) - Gold fell on Wednesday as the formal
start of Joe Biden's transition to the White House and optimism
over coronavirus vaccines dented bullion's safe-haven appeal.
Spot gold XAU= eased 0.1% to $1,805.00 per ounce by 0648
GMT. On Tuesday, it hit its lowest since July 17 at $1,800.01.
U.S. gold futures GCv1 dipped 0.1% to $1,802.80.
"We're moving into a new phase in gold as vaccine
developments are changing the regime of pandemic-caused
disruptions and headwinds to growth that gold markets were
pricing in," said Lachlan Shaw, National Australia Bank's head
of commodity research.
"If U.S. real long yields range trade around current levels,
it's difficult to see gold breaking out and then sustaining a
strong rally towards $1,900 and $2,000."
Global equities scaled a record peak, bolstered by U.S.
President Donald Trump's go-ahead for Biden to start receiving
daily intelligence briefings and an accelerating COVID-19
vaccine race. MKTS/GLOB
A break below $1,800 could see more selling of gold and this
move towards assets considered higher risk could continue, said
ED&F Man Capital Markets analyst Edward Meir, adding bullion
should find some support near $1,750-$1,770.
But, Wall Street bank Goldman Sachs maintained its bullish
near-term forecast for gold, terming the current correction a
"churn" before prices go up again as "more evidence of inflation
emerges."
Lower interest rates reduce the opportunity cost of holding
non-yielding gold, which has gained more than 18% this year
given its status as a hedge against likely inflation spurred by
the massive stimulus unleashed globally.
Investors now await minutes from the U.S. Federal Reserve's
last meeting due at 1900 GMT.
Silver XAG= eased 0.3% to $23.19 an ounce. Platinum XPT=
rose 0.4% to $964.60, while palladium XPD= was down 0.4% at
$2,339.43.