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PRECIOUS-Gold flat as concerns over rising virus cases offset vaccine optimism

    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        was unchanged at $1,887.99 per ounce by
0050 GMT, while U.S. gold futures        were up 0.1% at
$1,888.70.    
    * Bullion dropped as much as 1.3% on Monday after drugmaker
Moderna          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.            
    * 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        fell 0.1% to $24.74 per ounce. Platinum
       was flat at 925.50, while palladium        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

 (Reporting by Eileen Soreng in Bengaluru; Editing by Rashmi
Aich)
  

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