PRECIOUS-Gold rises as soft U.S. jobs data bolsters stimulus bets


 (Adds comment, updates prices)
    * Bipartisan stimulus deal suggests more compromise ahead-
analyst
    * Britain to begin Pfizer/BioNTech vaccine rollout this week
    * Gold has resistance at $1,850 an ounce - analyst
    * Interactive graphic tracking global spread of coronavirus:
open
    * tmsnrt.rs/3aIRuz7 in an external browser

    By Nakul Iyer
    Dec 7 (Reuters) - Gold ticked higher on Monday, as the metal
drew support from grim U.S. jobs data that fuelled optimism over
a U.S. stimulus deal, although gains were capped by coronavirus
vaccine rollouts.
    Spot gold prices        rose 0.2% to $1,840.65 per ounce by
0725 GMT, while U.S. gold futures        were up 0.2% at
$1,843.90.
    "Softer jobs growth and tighter social mobility restrictions
ostensibly lower the hurdle for a policy response from (U.S.)
Congress," said Stephen Innes, chief global market strategist at
financial services firm Axi.
    Data on Friday showed the U.S. economy added the fewest jobs
in six months in November.                         
    Talks over a fresh pandemic relief package gathered momentum
on Friday, as bipartisan U.S. lawmakers worked to put the
finishing touches on a new $908 billion bill.             
    While the gold market might be disappointed with the size of
the package, markets will likely take support from the
bipartisan nature of the deal that suggests further compromise
in the U.S Congress ahead, Innes said.
    Gold is seen as a hedge against inflation that could result
from large stimulus.    
    Given increased inflation expectations, rising coronavirus
cases, continued dollar weakness and a stalling U.S. labour
market, gold could test $1,900 in December, said Kunal Shah,
head of research at Nirmal Bang Commodities in Mumbai, India.
    However, gold's gains were capped as Britain prepared to
become the first country to roll out the Pfizer/BioNTech
COVID-19 vaccine this week.             
    Gold has resistance at $1,850 an ounce, with a close above
that pivot level setting the scene for a test of the resistance
line at $1,920 an ounce, Jeffrey Halley, a senior market analyst
at OANDA, said in note.
    Silver        fell 0.4% to $24.06 per ounce and platinum
       dropped 1.5% to $1,039.00, while palladium        gained
0.8% to $2,363.00.  

 (Reporting by Nakul Iyer in Bengaluru; Editing by Ramakrishnan
M., Rashmi Aich and Subhranshu Sahu)
  



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