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SINGAPORE: Gold edged lower in Asian trade on Thursday as the dollar gained after US Treasury Secretary Steve Mnuchin dashed hopes for a new fiscal stimulus package before the presidential election.

Spot gold fell 0.1% to $1,899.57 per ounce by 740 GMT, after rising as much as 1.2% on Wednesday.

US gold futures were down 0.2% to $1,903.90 per ounce.

"The (gold) market is still treading water waiting for further clarity on what stimulus package may be needed in the United States," said Cameron Alexander, manager of precious metals research at Refinitiv Metals Research.

Gold, considered a hedge against inflation and currency debasement, has climbed 25% this year amid unprecedented levels of global stimulus to ease the economic blow from the pandemic.

"Gold should resume its longer-term rally after the election into the end of the year," said Jeffrey Halley, a senior market analyst at OANDA, adding that the metal was likely to trade between $1,880 and $1,920 in the near-term.