Nov 10 (Reuters) - Gold held steady early on Thursday after briefly surging to a six-week high in the previous session, as global markets and the U.S. dollar showed surprise gains in the wake of Republican Donald Trump's presidential victory.
FUNDAMENTALS
* Spot gold XAU= was little changed at $1,278.25 an ounce at 0051 GMT. The metal rose nearly 5 percent to $1,337.40 in the previous session, its highest since Sep. 27, before tumbling back down as U.S. markets reacted positively to the Trump win.
* U.S. gold futures GCcv1 were up 0.41 percent to $1,278.70 per ounce.
* Asian shares rebounded on Thursday and the dollar firmed after global markets made a remarkable comeback from the shock of Republican Donald Trump's presidential victory, dumping safe-havens for the tempting returns of risk assets. MKTS/GLOB
* MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.81 percent.
* The dollar index .DXY , which measures the greenback against a basket of major currencies, was steady at 98.499. USD/
* Donald Trump's victory in the U.S. presidential race throws into question the core assumption in global financial markets that the Federal Reserve will raise interest rates soon and follow with further gradual hikes over coming years. Trading volumes in COMEX gold futures GCv1 soared on Wednesday to reach the highest on record as investors fled to safe-have bullion in the aftermath of Donald Trump's surprise victory in the U.S. presidential election. CME said trading will commence in COMEX's London spot gold and London Spot Silver Futures on Jan. 8, 2017 for trade date Jan. 9, 2017 Spot gold prices surged nearly 5 percent with Donald Trump's surprise U.S. presidential election win spurring purchases of physical gold. The European Central Bank is prepared to respond to any economic shock from Trump's victory but it is too early to draw any conclusion, ratesetters said on Wednesday. Spot gold XAU= is expected to fall to $1,249 per ounce, as suggested by its wave pattern and a Fibonacci retracement analysis. For the top stories on metals and other news, click TOP/MTL or GOL
DATA AHEAD (GMT)
0745 France
Industrial output
Sep
1330 U.S.
Weekly jobless claims