(Adds comments, details, updates prices)
* Vaccine delays are increasing U.S. stimulus
prospects-analyst
* U.S. Fed's policy meeting due on Jan. 26-27
* Interactive graphic tracking global spread of coronavirus:
tmsnrt.rs/3mvcUoa
By Sumita Layek
Jan 25 (Reuters) - Gold prices gained on Monday as the
dollar eased and hopes that a massive economic stimulus in the
world's largest economy would be passed remained intact.
Spot gold rose 0.1% to $1,854.95 per ounce by 0329
GMT, recovering from a 0.9% decline in the previous session.
U.S. gold futures eased 0.1% to $1,854.30.
President Joe Biden's administration tried to head off
Republican concerns that his $1.9 trillion pandemic relief
proposal was too expensive on a Sunday call.
"We're seeing bigger question marks over the passage of
Biden's stimulus package, Senate Republicans are starting to
stand a bit more objectionable with particular parts of the
package," said Lachlan Shaw, National Australia Bank's head of
commodity research.
"So it does raise the question about the speed and the
timing of the package. (Although,) some of the issues of the
vaccine delays in the U.S. are perhaps tilting the balance in
odds of favour of that stimulus," Shaw added.
The dollar was down 0.1% against rival currencies,
making gold cheaper for holders of other units.
Gold is considered a hedge against inflation, likely from
widespread stimulus.
Also supporting the precious metal, global coronavirus cases
rose to more than 98 million as countries struggled to increase
the pace of vaccinations.
Investors now await the U.S. Federal Reserve's policy
meeting due on Jan. 26-27.
"The Fed is likely to take the conservative course and wait
for additional data and assume fragility, given the short-run
effects of tackling COVID in the U.S. more aggressively could
weaken sales and domestic economic activity," said Nicholas
Frappell, global general manager at ABC Bullion.
"The longer term outlook and technical support remain
bullish so above $1,840, look for moves back to $1,870-$1,880."
Silver gained 0.7% to $25.58 an ounce, platinum
rose 0.1% to $1,099.61, and palladium added 0.1%
to $2,354.47.
(Reporting by Sumita Layek in Bengaluru; Editing by Subhranshu
Sahu and Amy Caren Daniel)
.Source
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