Jan 25 (Reuters) - Gold prices rose on Monday, recovering
from a sharp decline in the previous session, as investors hoped
that a massive economic stimulus would be passed soon in the
United States to revive the world's largest economy.
FUNDAMENTALS
* Spot gold XAU= rose 0.3% to $1,858.57 per ounce by 0039
GMT, having slipped 0.9% in the previous session. U.S. gold
futures GCv1 were little changed at $1,856.60.
* The Joe Biden administration and Democratic and Republican
lawmakers discussing a new $1.9 trillion in coronavirus relief
agreed on Sunday that the most important priority should be
producing and efficiently distributing a vaccine. * The U.S. Senate Finance Committee on Friday unanimously
approved Janet Yellen's nomination as the first woman Treasury
secretary, indicating that she will easily win full Senate
approval on Monday. * Yellen at her confirmation hearing last week urged
lawmakers for large coronavirus relief spending, adding that the
benefits outweigh the expenses of a higher debt
burden. * Gold is considered a hedge against inflation, likely from
widespread stimulus.
* Global coronavirus cases rose to more than 98 million as
countries continued to work on the pace of
vaccinations. * The U.S. Federal Reserve policy meeting is due on Jan.
26-27.
* Demand for physical gold picked up last week as the
approaching Chinese New Year encouraged buyers in China and
Singapore. GOL/AS
* Speculators reduced their bullish positions in COMEX gold
and silver contracts in the week to Jan. 19, data showed.
* Holdings of the world's largest gold-backed
exchange-traded fund, SPDR Gold Trust GLD , eased 0.07% to
1,173.25 tonnes on Friday. GOL/ETF
* Silver XAG= gained 0.9% to $25.61 an ounce, platinum
XPT= rose 0.6% to $1,105.06, and palladium XPD= added 0.1%
to $2,355.83.
DATA/EVENTS (GMT)
0900 Germany Ifo Business Climate New Jan
0900 Germany Ifo Curr Conditions New Jan
0900 Germany Ifo Expectations New Jan
1000 EU Consumer Confid. Final Jan