Nov 17 (Reuters) - Gold prices were little changed on
Tuesday, as concerns over spiking U.S. coronavirus cases offset
pressure from vaccine optimism brought about by a positive
vaccine trial data.
FUNDAMENTALS
* Spot gold XAU= was unchanged at $1,887.99 per ounce by
0050 GMT, while U.S. gold futures GCv1 were up 0.1% at
$1,888.70.
* Bullion dropped as much as 1.3% on Monday after drugmaker
Moderna MRNA.O said its experimental vaccine was 94.5%
effective in preventing COVID-19 based on interim data from a
late-stage trial. * President-elect Joe Biden on Monday called on Congress to
come together and pass a new coronavirus relief package.
* Forty U.S. states have reported record increases in
COVID-19 cases in November, while 20 have seen a record rise in
deaths and 26 reported record hospitalizations, according to a
Reuters tally of public health data. * Successful tests of two coronavirus vaccine candidates
have increased the chance of a faster than expected U.S.
economic recovery, Federal Reserve Vice Chair Richard Clarida
said on Monday. * The euro zone is facing a drawn-out recovery from a deep
recession and needs more support from both the European Central
Bank and governments, several policymakers said on Monday.
* Asian stocks opened firmer after the S&P 500 and Dow Jones
indexes hit record highs on news of another promising
coronavirus vaccine. MKTS/GLOB
* Speculators cut their net long position by 10,995
contracts to 110,957 on COMEX gold in week to Nov. 10, he U.S.
Commodity Futures Trading Commission (CFTC) said on Monday.
* Silver XAG= fell 0.1% to $24.74 per ounce. Platinum
XPT= was flat at 925.50, while palladium XPD= fell 0.4% to
$2,323.30.
DATA/EVENTS (GMT)
1330 US Import Prices Oct
1330 US Export Prices Oct
1330 US Retail Sales Oct
1415 US Industrial Production Oct
1500 US Business Inventories MM Sep
1600 ECB President Christine Lagarde participates in
an online Q&A during the Bloomberg New Economy Forum