PRECIOUS-Gold slides more than 2% as Pfizer vaccine news boosts risk appetite

* COVID-19 vaccine report sets up U.S. stocks for record
* Dollar hovers near a more than two-month low
* Interactive graphic tracking global spread of coronavirus:
https://tmsnrt.rs/3mvcUoa

(Adds comments and updates prices)
By Asha Sistla
Nov 9 (Reuters) - Gold beat a sharp retreat on Monday,
sliding over 2% after Pfizer said initial data from a large
study showed its COVID-19 vaccine was more than 90% effective,
sending stock markets soaring and denting bullion's safe-haven
appeal.
Spot gold XAU= slipped 2.2% to $1,908.55 per ounce by 1302
GMT, while U.S. gold futures GCv1 fell 2.2% to $1,908.90.
Earlier spot prices climbed to their highest since Sept. 16
at $1,965.33, driven by a weak dollar amid hopes for more
stimulus following Joe Biden's victory in the U.S. elections.
Pfizer and German partner BioNTech SE BNTX.O , the first
drugmakers to show successful data from a large-scale clinical
trial of a vaccine, said they expect to seek U.S. emergency use
authorization for the drug later this month. "There's some belief that this is going to be a driver for
economic growth as we come out of the pandemic situation, so
it's positive news for the world, but negative news for gold,"
said independent analyst Ross Norman.
The news prompted sharp gains in stock markets, and set Wall
Street up for a record. However weakness in the dollar index
.DXY , which held close to an over 10-week low, kept gold above
the key $1,900 level. USD/ MKTS/GLOB .N
Alexander Zumpfe, a precious metals trader at Heraeus, said
in a note that while the reaction to the vaccine report had come
as no surprise, nothing had changed in the medium-term positive
outlook for the metal.
"Interest rates will remain low to negative for the
foreseeable future - this makes gold still attractive for
investors," he said.
Unprecedented stimulus and near-zero interest rates
globally, which cut the opportunity cost of holding non-yielding
assets, have driven gold about 25% higher this year, given its
status as a hedge against currency debasement and inflation.
Elsewhere, silver XAG= slid 3.3% to $24.74 per ounce.
Platinum XPT= fell 1.4% to $876.20, while palladium XPD=
dipped 1.5% to $2,452.71.