(Updates prices) * Total COVID-19 cases cross 10 mln in Europe * Lockdowns could have deflationary impact and hurt gold- analyst * Interactive graphic tracking global spread of coronavirus: open tmsnrt.rs/3aIRuz7 in an external browser By Nakul Iyer Nov 2 (Reuters) - Gold ticked higher on Monday as caution crept in ahead of Tuesday's hotly contested U.S. presidential elections, attracting some bids for the safe-haven metal. Spot gold rose 0.4% to $1,884.98 per ounce by 0758 GMT, while U.S. gold futures were up 0.2% at $1,884.00 per ounce. "We are seeing something of a resurgence in safe-haven buying," said Harshal Barot, senior research consultant for South Asia at Metals Focus, adding that gold's recent advances alongside the dollar was indicative of this. The dollar, often seen as a rival safe-haven asset to gold, edged 0.1% higher against a basket of currencies. A major trend for bullion might not emerge until the election outcome is clear, Metals Focus' Barot said. Democrat Joe Biden holds a commanding national lead over President Donald Trump, but Trump has stayed competitive in the swing states that could decide the White House race. "The longer-term view is bullish on expectations that we are going to get a large stimulus deluge from the U.S. which ultimately should weaken the U.S. dollar and send gold higher," said Stephen Innes, chief global market strategist at financial services firm Axi. Gold is seen as a hedge against inflation and currency debasement. A "blue sweep" of both the White House and Senate would bolster the outlook for rapid and large-scale fiscal stimulus which would be positive for precious metals, Avtar Sandu, senior commodities manager at Phillip Futures, said in a note said. Europe's total COVID-19 cases crossed the grim milestone of 10 million on Sunday, prompting countries such as Britain and Portugal to enact fresh lockdowns. "Gold traders are worried that these lockdowns could lead to deflationary pressures... gold's next trade is really for a reflation trade," Axi's Innes said. Silver rose 1% to $23.88 per ounce, palladium gained 1.5% to $2,245.37and platinum was up by 0.5% at $853.12. (Reporting by Nakul Iyer in Bengaluru; Editing by Shailesh Kuber and Louise Heavens)
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