PRECIOUS-Gold edges back towards multi-month peak as dollar holds near lows - Reuters

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    * Gold likely to challenge $1,900 level in coming days -
analyst
    * Dollar stuck near 3-month lows
    * Markets await U.S. data, further policy clues from Fed

    By Arundhati Sarkar
    May 24 (Reuters) - Gold firmed on Monday, edging back
towards last week's 4-1/2-month peak as the dollar held near its
weakest since late February, with investor focus turning to key
economic readings from the United States this week. 
    Spot gold        was up 0.2% at $1,883.25 per ounce by 1222
GMT, having last week reached its highest since Jan. 8 at
$1,889.75. U.S. gold futures        gained 0.4% to $1,884.30.
    Following last week's volatility, gold has moved above its
200-day moving average, supported by a weaker dollar and bond
yields and questions about inflation, said independent analyst
Robin Bhar.
    Gold is considered a hedge against inflation.
    The dollar was pinned near three-month lows, while U.S
Treasury yields stayed subdued.                          
    Meanwhile bitcoin            rebounded slightly, but was
still under pressure following a recent crash.             
    "The recent slide in cryptocurrencies also boosted the
appeal of gold as an alternative investment asset," said
Margaret Yang, a strategist at DailyFX.
    "Gold's upward momentum is very strong and it is likely to
challenge a key psychological level at $1,900 in the days to
come."
    Markets will be keen to hear if Fed speakers this week will
stick to being patient with policy, while awaiting data
including U.S. gross domestic product, jobless claims and
durable goods on Thursday.
    Rising U.S. inflationary risks have spooked markets, and
minutes from the Fed's last meeting suggested some policymakers
were ready to talk about reducing stimulus.             
    "The overall tone remains positive as the markets look at
prospects for inflation, geopolitical risk and continued
economic uncertainty in the face of the Indian variant of the
COVID virus and the slow rate of vaccination across much of
Asia," StoneX analyst Rhona O’Connell said in a note.
    But gold could be bound for a correction, with prices now in
'overbought' territory, O’Connell added. 
    Elsewhere, palladium        was little changed at $2,782.43
per ounce, silver        gained 0.8% to $27.74, and platinum
       rose 0.5% to $1,172.45.

 (Reporting by Brijesh Patel and Arundhati Sarkar in Bengaluru,
additional reporting by Arpan Varghese; Editing by Sherry
Jacob-Phillips, Kirsten Donovan and Jan Harvey)
  

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