PRECIOUS-Gold gains as caution sets in ahead of U.S. election

(Updates prices)
* Total COVID-19 cases cross 10 mln in Europe
* Gold to see volatile price swings on election day -analyst
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

By Asha Sistla
Nov 2 (Reuters) - Gold prices rose on Monday as investors
remained nervous ahead of this week's U.S. presidential election
and as a surge in COVID-19 cases and renewed lockdowns in some
countries increased uncertainty about the global economic
outlook.
Spot gold XAU= rose 0.7% to $1,890.96 per ounce by 1213
GMT, while U.S. gold futures GCv1 were up 0.5% to $1,889.60.
"We're only seeing small gains (in gold) and that's not
surprising. This is a massive event driven week, obviously with
the elections," said OANDA analyst Craig Erlam, adding that gold
could see some volatile price swings on election day.
"We're seeing a bit of consolidation in the moves after gold
came under heavy pressure last week."
Gold prices fell about 1.2% last week.
Investors are prepared for short-term trading turmoil and
major long-term policy shifts on the eve of the U.S. election.
"(Gold) is stuck in a trading range, the dollar is a bit
better than last week but still within a trading range for the
past month or so," said Afshin Nabavi, senior vice president at
precious metals trader MKS SA.
"So as long as we don't see a break up or down in the
dollar, don't think you're going to see anything exceptional on
the precious side."
The dollar, often seen as a rival safe-haven to gold,
remained steady against a basket of currencies.
Europe's total COVID-19 cases crossed the grim milestone of
10 million on Sunday, prompting countries to enact fresh
lockdowns. Silver XAG= jumped 1.7% to $24.03 an ounce, platinum
XPT= gained 1% to $857.30, while palladium XPD= fell 0.4% to
$2,202.56.