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PRECIOUS-Gold steady as coronavirus, U.S. election uncertainties loom

    * Spot gold may test support at $1,887/oz - technicals 
    * Interactive graphic tracking global spread of coronavirus:
tmsnrt.rs/3mvcUoa

 (Adds comment, updates prices)
    By Eileen Soreng
    Oct 28 (Reuters) - Gold prices steadied above the $1,900
mark on Wednesday as uncertainties about the U.S. elections and
surging global COVID-19 cases countered pressure from a firmer
dollar and fading hopes of an immediate U.S. stimulus package.
    Spot gold        was little changed at $1,909.20 per ounce
by 0619 GMT. U.S. gold futures        were flat at $1,911.60.
    "Investors need a reason to buy more gold and the reason to
buy gold will come from a policy signal," said Stephen Innes,
chief global market strategist at Axi.
    "With the virus raging all over, we are going to get
stimulus at some point... This is also probably leaning towards
more central bank intervention because the economic hit is going
to be quite significant," he added.
    Unprecedented money printing and low interest rates globally
has set gold on pace for its best year in a decade, given its
appeal as a hedge against inflation and currency debasement.
Bullion is up nearly 26% this year.
    As a fresh wave of coronavirus infections spread, European
governments moved to impose new curbs and provide economic help
to businesses to weather the pandemic.             
    Putting a damper on sentiment, President Donald Trump said
that a coronavirus economic relief deal would likely come after
the Nov. 3 election.             
    The dollar       , also viewed as a safe-haven asset, rose
0.2% against a basket of major currencies, benefiting from the
U.S. election uncertainty.                    
    "Gold prices are being kept in check by the dollar index...
Gold's adherence to a tight range also indicates that some
investors remain sceptical over the prospects of a 'blue wave',"
said FXTM market analyst Han Tan.             
    On the technical front, spot gold may test a support at
$1,887, as the bounce triggered by this support is ending around
a resistance at $1,912, according to Reuters technical analyst
Wang Tao.             
    Silver        was steady at $24.52 per ounce, platinum
       rose 0.6% to $884, while palladium        gained 0.9% at
$2,351. 
  

 (Reporting by Eileen Soreng in Bengaluru; Editing by Amy Caren
Daniel and Uttaresh.V)
  
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