PRECIOUS-Gold firms on soft dollar as focus turns to Fed

* U.S. Federal Reserve minutes due on Wednesday
* Dollar falls to one-week low
* Palladium up 2.3%
* Interactive graphic tracking global spread of coronavirus:
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https://tmsnrt.rs/3aIRuz7 in an external browser

(Updates prices)
By Nakul Iyer
Aug 17 (Reuters) - Gold rose on Monday, consolidating around
the $1,950 mark after sliding 4.5% last week, buoyed by a weaker
dollar as investors await the fine print on the U.S. Federal
Reserve's strategy to stem the economic toll from the
coronavirus.
Spot gold XAU= rose 0.6% to $1,954.74 an ounce by 1157 GMT
and U.S. gold futures GCcv1 rose 0.7% to $1,963.00.
Gold last week registered its biggest decline since March as
investors reassessed positions after bullion retreated from a
record peak of $2,072.50 scaled on Aug. 7.
"We're seeing a consolidation phase after last week's
sell-off," said ActivTrades chief analyst Carlo Alberto De Casa,
adding that "interest for gold remains elevated".
The market is trying to find a new equilibrium, but signs of
further dovish central bank policy and a move above $1,960 could
provide space for further rallies, he said.
Coronavirus cases, meanwhile, continued to surge globally,
especially in the United States and India, casting a shadow over
hopes of an economic recovery.
Also supporting gold, the dollar fell to a more than
one-week low, making the yellow metal cheaper for those holding
other currencies. .DXY USD/
The minutes from the Fed's last policy meeting are due on
Wednesday, with markets looking for any hints of a possible
change to its guidance at its next review in September
"If there is something strong (from the Fed), more than
what's already priced in", gold could rise again to $2,000, said
ActivTrades' Carlo.
Unprecedented global stimulus measures in response to the
COVID-19 pandemic, which have fuelled fears of inflation and
currency debasement, have helped gold prices to climb more than
28% this year. While the outlook remains constructive for gold, there are
indications the recent correction could have room to run in the
short-term, said IG Markets analyst Kyle Rodda.
In other precious metals, silver XAG= rose 2% to $26.93 an
ounce, platinum XPT= gained 2.1% to $955.54 and palladium
XPD= was up 2.3% at $2,157.68.