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PRECIOUS-Gold off 10-month peak as Fed minutes support dollar
* SPDR gold holdings gained on Wednesday
* Gold may retrace into $1,321-$1,331 range -technicals
* Palladium trading near record-high
By Karthika Suresh Namboothiri
Feb 21 Gold was trading below the previous session's 10-month peak on Thursday as the dollar inched up after minutes from the last U.S. Federal Reserve meeting rekindled expectations of another rate hike this year.
Investors were also keeping a close eye on talks to end a trade dispute between China and the United States.Spot gold had inched up by 0.1 percent to $1,339.88 per ounce as of 0529 GMT, having touched $1,346.73 per ounce in the previous session, its highest level since April 19.U.S. GCcv1 were down 0.4 percent at $1,342.8 an ounce.
"There are both technical and fundamental reasons for this pull back in gold prices. It is under some technical selling pressure at the moment," said Margaret Yang, market analyst with CMC (NS:Markets, Singapore."It was a clearly dovish statement by the Fed," she said adding that the dollar rebounded after the minutes and gold traders are now taking profits.The against a basket of six major currencies was steady at 96.518. USD/The Fed, in the minutes of its latest meeting in January, said the U.S. economy and its labour market remained strong, prompting some expectations of at least one more interest rate hike this year. interest rates make gold less attractive since it does not pay interest and costs to store and insure.
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