PRECIOUS-Gold prices firm as dollar eases after Biden win

Nov 9 (Reuters) - Gold prices edged higher in early Asian
trade on Monday, propped up by a weaker dollar and hopes of more
stimulus measures under U.S. President-elect Joe Biden.

FUNDAMENTALS
* Spot gold XAU= rose 0.1% to $1,953.45 per ounce by 0049
GMT. On Friday it hit $1,960.13, the highest since Sept. 18.
* U.S. gold futures GCv1 rose 0.2% to $1,955.60 per ounce.
* The dollar index .DXY was hovering near a more than
two-month low. USD/
* Biden and his advisers are working on plans to tackle the
crises facing a divided America, first and foremost the raging
pandemic, a day after the Democrat won enough states to clinch
the U.S. presidency. * A potentially divided U.S. government with Republicans in
control of the Senate may mean a smaller fiscal stimulus
package, but that could put the spotlight on the Federal Reserve
to do more to revive the economy. * Gold tends to benefit from widespread stimulus as it is
considered a hedge against inflation.
* Labour Department's employment report on Friday showed the
U.S. economy created the fewest jobs in five months in October
and more Americans are working part time. * Global COVID-19 infections exceeded 50 million on Sunday,
according to a Reuters tally. * Significant differences remain in talks over a trade deal
between Britain and the European Union, both sides said, as they
promised to step up efforts to find an agreement. * Holdings in SPDR Gold Trust GLD , the world's largest
gold-backed exchange-traded fund, rose 0.63% to 1,260.30 tonnes
on Friday. * Speculators cut their net long position in COMEX gold by
9,657 contracts to 121,951 in week to Nov. 3, the U.S. Commodity
Futures Trading Commission (CFTC) said on Friday. * Silver XAG= rose 0.5% to $25.72 per ounce. Platinum
XPT= gained 0.8% to $896.04, while palladium XPD= fell 0.4%
to $2,480.76.