PRECIOUS-Gold dips as investors book profit, await Fed's cues

* Dollar dips to near one-week low
* Gold expected to trade in choppy range of
$1,935/OZ-$1,970/OZ
ahead of Fed Chair speech - analyst
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

(Updates prices)
By Brijesh Patel
Aug 27 (Reuters) - Gold edged lower on Thursday, following a
sharp rise in the last session, as investors squared positions
to focus on whether U.S. Federal Reserve Chairman Jerome Powell
signals a change in monetary strategy.
Spot gold XAU= was down 0.4% to $1,946.08 per ounce by
0758 GMT, after rising 1.3% on Wednesday. U.S. gold futures
GCv1 inched up by 0.1% to $1,954.50.
"It was a pretty significant rally overnight on pretty
limited news. The thinner Asian trading session has seen punters
pull profits," said IG Markets analyst Kyle Rodda.
"Gold bulls will be hoping, in a way, that the stars align a
bit: that Powell outlines the Fed's pivot to inflation
targeting, and expresses an openness to keep long term rates
low, ideally through a new yield-curve control program."
Powell is set to address the Fed's annual central bankers'
conference at 1310 GMT, with investors looking for cues on
inflation and monetary strategy.
The Fed has slashed interest rates to near zero and rolled
out unprecedented stimulus to revive the coronavirus-hit
economy, contributing to gold's 28% climb so far this year.
Lower interest rates decrease the opportunity cost of
holding non-yielding bullion and weigh on the dollar, making
gold cheaper for investors holding other currencies.
"Gold should find willing buyers on dips to $1,935 an ounce.
Overall, we expect gold to trade in a choppy $1,935-$1,970 range
ahead of Powell's speech," said Jeffrey Halley, a senior market
analyst at OANDA.
The dollar index .DXY touched a near one-week low, while
caution crept into global equities markets on fears of fresh
U.S.-China tension after Washington blacklisted 24 Chinese
companies and Beijing reportedly test fired missiles into the
South China Sea.
Elsewhere, silver XAG= was down by 0.4% to $27.41 per
ounce and palladium XPD= dropped 0.9% to $2,178.90, while
platinum XPT= rose 0.6% to $934.60 per ounce.