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PRECIOUS-Gold inches higher on stimulus hopes, virus concerns

    Nov 11 (Reuters) - Gold prices edged higher on Wednesday
supported by hopes of more U.S. stimulus measures as surging
COVID-19 cases threaten to hamper economic recovery, although
optimism over vaccine developments limited gains.

    FUNDAMENTALS
    * Spot gold        rose 0.2% to $1,879.31 per ounce by 0054
GMT.    
    * U.S. gold futures        were up 0.1% at $1,878.70.
    * A surge in coronavirus cases threatens to slow U.S.
economic growth once more in coming months, Federal Reserve
policymakers said on Tuesday, and to get through it the economy
will again need government aid.             
    * Gold tends to benefit from widespread stimulus as it is
considered a hedge against inflation and currency debasement. 
    * U.S. job openings increased less than expected in
September while hiring fell, suggesting the labor market
recovery was petering out even before a resurgence in new
COVID-19 cases which is expected to slow momentum.             
    * California and several states across the U.S. Midwest
tightened restrictions on residents on Tuesday as the number of
COVID-19 infections surged again in the United States.
            
    * Monday's potential breakthrough in the race to develop a
COVID-19 vaccine has left governments scrambling to meet the
logistical challenge of distributing hundreds of millions of
doses once it becomes available in coming months.             
    * President-elect Joe Biden said on Tuesday nothing would
stop the transfer of power in the U.S. government, even as
President Donald Trump says without evidence the election was
marred by fraud and some of his Republican allies back probes.
            
    * Japanese Prime Minister Yoshihide Suga instructed his
cabinet on Tuesday to compile a package of stimulus measures to
revitalise an economy hit by the pandemic.            
    * The dollar index        was steady, while Asian shares
extended gains on progress in coronavirus vaccine.       
           
    * Silver        rose 0.2% to $24.26. Platinum        fell
0.1% to $881.98, while palladium        gained 0.5% to
$2,465.36.    
    

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