PRECIOUS-Gold falls 1% on resilient U.S. jobs data, dollar recovery

(Updates prices)
* Dollar picks up after four sessions of losses
* Goldman Sachs forecasts gold at $2,300/oz over 12-month
horizon
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

By Asha Sistla
Oct 22 (Reuters) - Gold retreated 1% to near $1,900 an ounce
on Thursday on better-than-expected U.S. jobs data, with appeal
of the metal further weighed down by a stronger dollar and
doubts over a U.S. stimulus package before the presidential
elections.
Spot gold XAU= fell 1.1% to $1,903.16 per ounce by 1:46
p.m. EDT (1746 GMT), and U.S. gold futures GCv1 settled down
1.3% to $1,904.60.
"The jobless claims number, which is much better than
expected," was pressuring gold, said Edward Moya, senior market
analyst at OANDA, adding that "an improving number kind of takes
away some of the urgency for getting a stimulus deal done now."
Data showed initial claims for state unemployment benefits
in the United States dropped 55,000 to a seasonally adjusted
787,000 last week, although the overall number was still
relatively high. A Reuters survey had forecast 860,000 claims in the latest
week.
The dollar .DXY , meanwhile, bounced back from a seven-week
low versus major rivals, making gold more expensive for those
holding other currencies, after U.S. President Donald Trump
accused Democrats of being unwilling to reach a deal on a new
coronavirus relief bill. USD/ Widely viewed as a hedge against inflation and currency
debasement, gold was still up 25% this year as central banks and
governments globally unleash unprecedented stimulus measures to
cushion the economic blow from a worsening coronavirus pandemic.
Focus now shifts to the final U.S. presidential debate
between Trump and Democratic rival Joe Biden on Thursday night
ahead of the Nov. 3 election.
Prices are likely to trade sideways "until we know who the
next president is," but could break above the $1,950 level post
the elections, said Robin Bhar, an independent analyst.
Wall Street bank Goldman Sachs, meanwhile, forecast gold at
$2,300 an ounce over a 12-month horizon and said commodities
were likely headed for a bull market next year. Elsewhere, silver XAG= fell 1.7% to $24.65 per ounce,
platinum XPT= dipped 0.3% to $883.96 and palladium XPD=
dropped 0.8% to $2,385.52.