* Gold's dip below $1,900 prompted short covering- trader
* Fed's Sept. 15-16 policy meeting minutes due at 1800 GMT
* Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ (Recasts, adds comments, updates prices)
By Eileen Soreng
Oct 7 (Reuters) - Gold rose nearly 1% on Wednesday, bouncing back from early losses and a near 2% drop in the previous session, lifted by renewed fears over an economic recovery and uncertainty around the U.S. presidential election.
Spot gold XAU= rose 1% to $1,895.46 per ounce by 0727 GMT.
U.S. gold futures GCv1 were down 0.4% at $1,901.60.
"Gold, (in the) longer term, is still bullish" and is likely to continue the uptrend following the correction, said Brian Lan, managing director at dealer GoldSilver Central in Singapore, adding that the drop below $1,900 prompted some short-covering.
A low interest rate environment globally along with uncertainties stoked by the upcoming U.S. elections bodes well for gold, Lan added.
U.S. president Donald Trump, who is being treated for COVID-19, halted negotiations for an additional stimulus package until after the Nov. 3 election. announcement bolstered the U.S. dollar and dragged down gold, which is widely viewed as a hedge against inflation and currency debasement.
Trump later asked the Congress to extend $25 billion in new payroll assistance to U.S. passenger airlines. appears to be looking at things differently and scooping up gold on what seems to be a material dip in prices," said Jeffrey Halley, a senior market analyst at OANDA.
Investors are also awaiting minutes from U.S. Federal Reserve's Sept. 15-16 policy meeting due later in the day. policy is critical to where gold is going," said DailyFx currency strategist Ilya Spivak, adding, the minutes might reinforce the idea that the Fed is not looking to do more stimulus in the immediate near term.
The U.S. FDA released stringent guidelines for experimental coronavirus vaccines, delaying the availability of vaccine until after the presidential election. XAG= climbed 2.8% to $23.74 per ounce, platinum XPT= was up 2.4% to $868.92, while palladium XPD= rose 0.6% to $2,354.11.