PRECIOUS-Gold gains as Biden victory dents dollar, boosts stimulus hopes

* Spot gold may rise to $1,975/oz - technicals
* Dollar hovers near a more than two-month low
* Interactive graphic tracking global spread of coronavirus:
https://tmsnrt.rs/3mvcUoa

(Adds comments, updates prices)
By Eileen Soreng
Nov 9 (Reuters) - Gold rose on Monday as Joe Biden's win in
the U.S. presidential race weighed on the dollar and ignited
hopes of more monetary stimulus measures to revive an economy
battered by COVID-19.
Spot gold XAU= rose 0.4% to $1,960.11 per ounce by 0817
GMT. Earlier in the session, it hit its highest since Sept. 16
at $1,965.33.
U.S. gold futures GCv1 gained 0.4% to $1,958.80.
"Gold prices are moving up anticipating another stimulus
(package) by the U.S. and once that comes, you could see another
leg of this rally," said Kunal Shah, head of research at Nirmal
Bang Commodities in Mumbai, India.
"Considering the way currency debasement is taking place,
further upside should not be ruled out... Prices on COMEX can
test the $1,980-$1,985 level in a month's time."
The dollar index .DXY languished near a 10-week low.
USD/
Democrat Biden clinched the presidency on Saturday clearing
the threshold of 270 Electoral College votes. Republicans appear
to have retained control of the Senate, although the final
makeup may not be clear until runoff votes in Georgia in
January. A potentially divided U.S. congress may mean a smaller
fiscal stimulus package, but that could put the spotlight on the
Federal Reserve to prop up the economy. Gold tends to benefit from widespread stimulus as it is
considered a hedge against inflation and currency debasement.
As the pandemic is shaping the economic backdrop, investors
will continue to see low interest rates and a weaker U.S. dollar
and that should help gold perform relatively well, said ANZ
analyst Daniel Hynes. Global coronavirus infections surpassed 50 million on
Sunday, a Reuters tally showed. Technically, gold may rise to $1,975, having cleared
resistance at $1,951, Reuters technical analyst Wang Tao said.
Silver XAG= rose 0.8% to $25.79 per ounce. Platinum XPT=
climbed 1.4% to $901, while palladium XPD= fell 1.3% to
$2,458.48.