Gold rebounds after 6-session losing streak as dollar rally pauses
Gold rises over 1%, off two-month low hit on Thursday
Some opportunistic buying is supporting gold- analyst
Multiple Fed officials due to speak this week
Updates prices as of 1027 GMT
By Rahul Paswan
Nov 18 (Reuters) -Gold prices rebounded on Monday, having posted losses in the previous six sessions, with gains driven by a pause in the U.S. dollar's rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory.
Spot gold XAU= rose 1.2% to $2,591.43 per ounce by 1027 GMT, moving away from a two-month low hit on Thursday. U.S. gold futures GCv1 were up 1% at $2,595.80.
Gold prices last week saw their biggest weekly decline in over three years as expectations of less aggressive interest rate cuts by the Fed boosted the dollar. GOL/
However, the dollar was holding flat below Thursday's one-year high after rising 1.6% last week. A softer dollar makes bullion less expensive for buyers holding other currencies. USD/
"We can look to the dollar for a significant part of the current gold price corrections ... I'm not saying you've found a solid physical floor yet, but clearly, some opportunistic buying is coming in to support the market as well," independent analyst Ross Norman said.
"As the year ends, we will see volatility in gold prices and there'll be some books clearing and profit-taking, regardless of what the Fed does in December."
Recent U.S. economic data has reduced expectations for a December rate cut by the Fed. At least seven U.S. central bank officials are due to speak this week.
Higher interest rates make holding gold, which doesn't pay any interest, less attractive.
"President Trump's inauguration is likely to see an ongoing strengthening of the USD (U.S. dollar), which is negative for gold in the short to medium term. However, as his stated policies are likely to be significantly inflationary in the long term, this will benefit gold," said Michael Langford, chief investment officer at Scorpion Minerals.
Spot silver XAG= rose 1.7% to $30.73 per ounce, platinum XPT= added 1.8% at $955.31 and palladium XPD= climbed 1.9% to $968.63.
Spot gold price in USD per oz https://reut.rs/4fV3lLj
Reporting by Rahul Paswan in Bengaluru; Editing by Sherry Jacob-Phillips
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