PRECIOUS-Gold climbs back above $2,000/oz level as dollar slides

* Gold hits one-week high at $2,009.89/oz
* Silver jumps as much as 3.5%
* Interactive graphic tracking global spread of coronavirus:
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(Updates prices)
By Eileen Soreng
Aug 18 (Reuters) - Gold rose more than 1% on Tuesday to
climb back above the $2,000 level breached earlier this month,
as the dollar hit a more than two-year low and investors awaited
details of the U.S. Federal Reserve's strategy to combat a
pandemic-induced economic slump.
Spot gold XAU= was up 1% at $2,005.04 per ounce by 1158
GMT, having earlier hit a one-week peak of $2,009.89. Gold first
broke the record $2,000-level early in August, reaching an
all-time high of $2,072.50.
U.S. gold futures GCcv1 were up 0.8% at $2,014.40.
"It's really is about the return or the perception of a
return," Michael Hewson, chief market analyst at CMC Markets UK,
said. "The dollar has lost its attraction when it comes to
return now relative to two years ago."
Making gold cheaper for those holding other currencies, the
dollar index .DXY hit its lowest since May 2018, pressured by
low yields and bleak U.S. economic data. USD/ US/
On Monday, gold jumped as much as 2.4%, drawing impetus from
Warren Buffett's Berkshire Hathaway buying a stake in major gold
miner Barrick Gold. This reinforced gold's 32% surge this year, helped by a rush
to perceived safety in the metal considered a hedge against
inflation and currency debasement. USD/ Gold, with its reputation for relative safety, is also
drawing investors as the United States ratchets up pressure on
China's Huawei HWT.UL , CMC's Hewson said. MKTS/GLOB
For further direction, investors are awaiting minutes from
the Fed's last meeting, which are due on Wednesday. "Traders are getting the last kick at the can ahead of the
FOMC minutes, where the view is for the Fed to have talked about
YCC (yields curve control) or inflation-targeting, which is bad
for the dollar and good for gold," said Stephen Innes, chief
market strategist at financial services firm AxiCorp.
Silver XAG= climbed 2.4% to $28.05 per ounce.
Platinum XPT= rose 1.1% to $960.06 per ounce, while
palladium XPD= eased 0.2% to $2,195.18.