* U.S. weekly jobless claims due at 1230 GMT

* Gold range-bound between $1,850-$2,070- analyst

* Interactive graphic tracking global spread of coronavirus:

(Recasts, adds comment, updates prices)

By Sumita Layek

Oct 8 (Reuters) – Gold rose on Thursday on hopes of a
partial U.S. coronavirus stimulus deal to support the
virus-stricken economy, while investors awaited the weekly
jobless claims report from the world’s largest economy.

Spot gold rose 0.2% to $1,891.01 per ounce by 0929
GMT. U.S. gold futures were up 0.3% at $1,895.70.

“The short-term potential for additional stimulus and the
longer term prospect for a Joe Biden-Kamala Harris win, which
the market is viewing as inflationary, are thereby continuing to
support gold, given the increased demand for hedging against
future inflation,” said Saxo Bank analyst Ole Hansen.

Global stocks rose on hopes for the partial stimulus deal,
as President Donald Trump urged Congress to pass money for
airlines, small businesses, and stimulus checks for individuals
on Tuesday after abruptly calling off negotiations.

Bullion, considered a hedge against inflation and currency
debasement, has risen 24% this year following unprecedented
government and central bank stimulus worldwide to revive

Minutes from the U.S. Federal Reserve’s September meeting
offered no clear sense of the next steps to offset the
coronavirus recession. Many policymakers said their economic
outlook assumed additional fiscal support.

The focus is now on U.S. employment data due at 1230 GMT.
Jobless claims are predicted to decline, but continued claims
are likely to remain above 10 million.

“It seems investors are in a wait-and-see mode as they are
still hoping for new stimulus from central banks to help the
economy’s recovery,” ActivTrades chief analyst Carlo Alberto De
Casa said in a note.

“Bullion remains in a lateral trading range between $1,850
and $2,070, waiting for a clear new direction.”

Among other metals, silver gained 0.6% to $23.98 per
ounce. Platinum fell 0.1% to $862.99, while palladium
was flat at $2,352.81.

(Reporting by Sumita Layek in Bengaluru; editing by Barbara
(([email protected]; Within U.S. +1 646 223 8780,
Outside U.S. +91 8061822693; Reuters Messaging:
[email protected]))


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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