PRECIOUS-Gold rises as shifting Fed rate-hike expectation hurts dollar By Reuters

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* Palladium touches record high at $1,313.24/oz

* SPDR Gold holdings highest since end-July

* Platinum touches over 1-month high at $827.40/oz

BENGALURU, Jan 7 (Reuters) – Gold rose on Monday as the dollar fell on expectations that the U.S. Federal Reserve would halt its rate-hiking cycle for the year, lifting demand for the metal from holders of other currencies.

Spot gold XAU= was up about 0.5 percent at $1,291.47 per ounce as of 1106 GMT. U.S. gold futures GCv1 gained 0.6 percent to $1,292.90 per ounce.

“We are seeing buyers returning to the market on dips,” said Saxo Bank analyst Ole Hansen, adding that the dollar weakness supported prices.

Gold fell about 0.7 percent the previous session, its biggest one-day fall in about two months on the back of robust U.S. jobs data.

 

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