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PRECIOUS-Gold firms on stimulus bets and economic woes

    * Gold posted biggest daily decline in three months on
Monday
    * Equities ease after vaccine-inspired rally 
    * Interactive graphic tracking global spread of coronavirus:
tmsnrt.rs/3mvcUoa

 (Updates prices)
    By Brijesh Patel
    Nov 10 (Reuters) - Gold regained some lost ground on Tuesday
after a sharp fall in the previous session as concerns over
global economic recovery and expectations of further fiscal and
monetary stimulus offered support to the safe-haven metal.
    Spot gold        rose 0.7% to $1,875.70 an ounce by 1:43
p.m. EST (1843 GMT). U.S. gold futures        settled up 1.2% at
$1,876.40.
    "Gold is trying to find equilibrium this morning, 24 hours
after the Pfizer earthquake rearranged the landscape. I expect
gold will continue to grind back higher, but it's going to take
a bit longer," said Tai Wong, head of base and precious metals
derivatives trading at BMO.
    "The fundamental factors for gold remain quite friendly.
Stimulus is on the cards and with a vaccine we will get
reflation."
    Gold lost 4.6% on Monday, its biggest daily fall since Aug.
11, after U.S. drugmaker Pfizer Inc         said its COVID-19
vaccine was more than 90% effective based on initial trial
results, lifting U.S. equities to record highs.             
    However, shares eased on Tuesday as worries about the extent
of the COVID-19 pandemic's economic impact resurfaced.     
    "The fiscal and monetary response to the pandemic globally
will remain highly accommodative. This will continue to provide
gold and silver, as well as platinum, with reason to go higher,"
HSBC analysts said in a note.
    "But the psychological relief and shift in risk sentiment
may still weigh on gold and the other metals, with the exception
of palladium, in the immediate term."
    Gold tends to benefit from stimulus spending because it is
considered a hedge against inflation risks and currency
weakness.
    Meanwhile, Dallas Federal Reserve Bank President Robert
Kaplan said he was "cautious and concerned" about downside
economic risks in the short term because of the resurgence of
the coronavirus.             
    Silver        gained 0.9% to $24.28 an ounce, platinum
       climbed 1.8% to $881.61 and palladium        eased 0.7%
to $2,460.33.

 (Reporting by Brijesh Patel in Bengaluru
Editing by Chris Reese and Mark Potter)
  

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