Gold gains as Biden victory dents dollar

BENGALURU, Nov 09 (Reuters): Gold rose on Monday as Joe Biden's win in the US presidential race weighed on the dollar and ignited hopes of more monetary stimulus measures to revive an economy battered by COVID-19.

Spot gold rose 0.4 per cent to $1,960.11 per ounce by 0817 GMT. Earlier in the session, it hit its highest since Sept. 16 at $1,965.33. US gold futures gained 0.4 per cent to $1,958.80.

"Gold prices are moving up anticipating another stimulus (package) by the US and once that comes, you could see another leg of this rally," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai, India.

"Considering the way currency debasement is taking place, further upside should not be ruled out... Prices on COMEX can test the $1,980-$1,985 level in a month's time."The dollar index languished near a 10-week low.

Democrat Biden clinched the presidency on Saturday clearing the threshold of 270 Electoral College votes. Republicans appear to have retained control of the Senate, although the final makeup may not be clear until runoff votes in Georgia in January.