PRECIOUS-Gold slips from 3-wk high on prospect of limited U.S. stimulus

* U.S. government, bond market closed for Columbus Day
* Trump administration calls for stripped-down relief bill
* Interactive graphic tracking global spread of coronavirus:
https://graphics.reuters.com/world-coronavirus-tracker-and-maps/

(Updates prices)
By Sumita Layek
Oct 12 (Reuters) - Gold prices fell from a three-week peak
on Monday as expectations of an inadequate U.S. coronavirus
relief bill dented the appeal of bullion, which is used as a
hedge against likely inflation.
Spot gold XAU= fell 0.3% to $1,923.56 per ounce by 1:41
p.m. EDT (1741 GMT), after hitting its highest since Sept. 21 at
$1,932.96. U.S. gold futures GCv1 settled up 0.1% at
$1,928.90.
The Trump administration on Sunday called on Congress to
pass a stripped-down coronavirus relief bill using leftover
funds, as negotiations on a broader package ran into resistance.
"We are talking trillions (in stimulus) one day and it's
billions the next day and it will (probably) be millions next.
It feels like it is getting smaller coming into the election,"
said Phillip Streible, chief market strategist at Blue Line
Futures in Chicago.
The possibility of a smaller U.S. coronavirus stimulus bill
is weighing on gold, he added.
Gold has gained over 26% so far this year helped by stimulus
from governments and global central banks as it considered a
hedge against inflation risks and currency weakening.
Investors were also keeping a close eye on the upcoming U.S.
election due in a couple of weeks, where Democrat Joe Biden is
seen as more likely to win. "Gold will be higher if Biden wins because he will spend a
lot of money," said Bob Haberkorn, senior market strategist at
RJO Futures, adding any unknowns on the election night will also
provide support.
Bullion also eased as Wall Street's main indexes were
supported by rising tech stocks. .N
The U.S. government and bond market are closed on Monday for
Columbus Day.
Among other precious metals, silver XAG= fell 0.2% to
$25.07 per ounce, platinum XPT= fell 1.3% to $874.22, while
palladium XPD= lost 1.6% to $2,399.86.