Gold inches lower on firmer dollar, U.S. stimulus worries

Gold inches lower on firmer dollar, U.S. stimulus worries

Gold prices eased on Tuesday, as a stronger dollar and concerns about the size of U.S. coronavirus relief package dented the metal's appeal.FUNDAMENTALS* Spot gold was down 0.1% to $1,853.99 per ounce by 0054 GMT. U.S. gold futures eased 0.1% to $1,852.90.* The dollar firmed against an index of rivals, making gold expensive for holders of other currencies. * U.S. President Joe Biden's $1.9 trillion pandemic relief proposal has been met with objections from Republicans, who have called the proposal too expensive and pushed for a smaller plan targeting vaccine distribution.* Gold is considered a hedge against inflation, likely from widespread stimulus.* Janet Yellen won overwhelming Senate confirmation as the first female U.S. Treasury secretary on Monday and will play a key role in working with Congress on Biden's coronavirus stimulus plans. * The U.S. Federal Reserve's two-day policy meeting is scheduled to begin later in the day.* Moderna Inc said on Monday it believes its COVID-19 vaccine protects against new variants found in Britain and South Africa, as global coronavirus cases rose to more than 99 million. * The U.S. House of Representatives on Monday delivered to the Senate a charge accusing former President Donald Trump with inciting insurrection in a speech