Gold flat as US stimulus hopes offset vaccine optimism

prices were little changed in early Asian trade on Monday, as hopes of a U.S. fiscal stimulus package being passed this week countered downward pressure from optimism around COVID-19 vaccines roll-outs.

FUNDAMENTALS

* Spot gold was flat at $1,836.91 per ounce by 0102 GMT. U.S. gold futures were also little changed at $1,840.70.

* Britain is preparing to become the first country to roll out the Pfizer/BioNTech COVID-19 vaccine this week.

* A gauge of Asian shares hit a record high.

* Talks aimed at reaching a fresh coronavirus relief package gathered momentum in the U.S. Congress on Friday, as a bipartisan group of lawmakers worked to put the finishing touches on a new $908 billion bill.

* Highlighting the extent of the economic slowdown caused by the pandemic, data showed on Friday the U.S. economy added the fewest workers in six months in November.

* Gold tends to benefit from stimulus measures as it raises the prospect of inflation which bullion is used to hedge against.

* Britain and the European Union will make a last-ditch attempt to strike a post-Brexit trade deal this week, with probably just days left for negotiators to avert a chaotic parting of ways at the end of the year.

* SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.6% to 1,182.70 tonnes on Friday.

* Speculators raised their bullish positions in COMEX gold and silver contracts in the week to Dec. 1, data showed.

* Silver fell 0.1% to $24.13 per ounce and platinum

eased 0.2% to $1,052.86, while palladium gained about 1% to $2,366.60.

DATA/EVENTS (GMT)

0700 Germany Oct. Industrial Output

0830 UK Nov. Halifax House Prices