PRECIOUS-Gold eases on buoyant dollar as U.S. stimulus bets fade

* Gold to trade in the range of $1,880-$1,920/oz in
near-term -
analyst
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

(Updates prices)
By Eileen Soreng
Oct 15 (Reuters) - Gold edged lower on Thursday as the
dollar gained after U.S. Treasury Secretary Steve Mnuchin dashed
hopes for a new fiscal stimulus package before the presidential
election.
Spot gold XAU= fell 0.1% to $1,899.57 per ounce by 740
GMT, after rising as much as 1.2% on Wednesday.
U.S. gold futures GCv1 were down 0.2% to $1,903.90 per
ounce.
"The (gold) market is still treading water waiting for
further clarity on what stimulus package may be needed in the
United States," said Cameron Alexander, manager of precious
metals research at Refinitiv Metals Research.
"Gold will rise once the details of a possible stimulus
package become available, but that may not happen for a while."
Mnuchin's said he and democrat lawmakers were "far apart" on
a coronavirus economic relief package, and that a deal would be
hard to reach before the Nov. 3 election, prompting investors to
seek the safety of the dollar. USD/ The dollar is still regarded as a safe haven and is holding
gold prices down, Refinitiv's Alexander added.
Gold, considered a hedge against inflation and currency
debasement, has climbed 25% this year amid unprecedented levels
of global stimulus to ease the economic blow from the pandemic.
"Gold should resume its longer-term rally after the election
into the end of the year," said Jeffrey Halley, a senior market
analyst at OANDA, adding that the metal was likely to trade
between $1,880 and $1,920 in the near-term.
Fuelling further concerns about an economic recovery, some
European nations are closing schools, cancelling surgery and
enlisting student medics as COVID-19 cases surge. Silver XAG= fell 0.7% to $24.10 per ounce and platinum
XPT= slipped 0.1% to $855.93, while palladium XPD= rose 0.2%
to $2,349.98.