PRECIOUS-Gold hits near 2-week high on softer dollar; focus on Fed meeting

* U.S. Fed's policy announcement on Wednesday
* Spot gold may test resistance at $1,975/oz- technicals
* Platinum hits near one-month high
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

(Updates prices)
By Brijesh Patel
Sept 15 (Reuters) - Gold hit a near two-week high on Tuesday
as the dollar weakened and investors turned their focus to a
U.S. Federal Reserve monetary policy meeting, seeking details of
how it planned to hold down rates while aiming to boost
inflation.
Spot gold XAU= was up 0.4% at $1,963.22 per ounce by 0643
GMT, after hitting $1,968.80 earlier, its highest level since
Sept. 2. U.S. gold futures GCcv1 climbed 0.5% to $1,973.
"Gold looks firm mainly because of a weaker dollar and also
U.S. Treasury yields are coming down a bit," said Edward Meir,
an analyst at ED&F Man Capital Markets.
The dollar index .DXY slipped against its rivals, making
gold less expensive for holders of other currencies. USD/
US/
Market participants now await the U.S. Fed's two-day policy
event which ends on Wednesday, its first such meeting since
Chairman Jerome Powell unveiled a policy shift towards greater
tolerance of inflation, effectively pledging to keep interest
rates low for longer. "After the Jackson Hole symposium, the market is asking for
a bit more colour around by what means the Fed plans to stoke
inflation," said IG Markets analyst Kyle Rodda.
"It's also asking for some indication that the Fed will
continue to suppress risk-free rates, if inflation does begin to
seriously emerge."
Gold, which has risen nearly 30% this year so far, is seen
as a hedge against inflation. Lower interest rates decrease the
opportunity cost of holding non-yielding bullion.
U.S. Treasury Secretary Steven Mnuchin and Powell will
testify before the Senate Banking Committee on coronavirus
relief, the committee said on Monday. Spot gold may test resistance at $1,975 per ounce, a break
above could lead to a gain into $1,984-$1,996 range, Said
Reuters technical analyst Wang Tao. TECH/C
Elsewhere, platinum XPT= rose 0.6% to $959.67 per ounce
after hitting its highest since Aug. 18 at $966.
Silver XAG= gained 0.7% to $27.34 and palladium XPD= was
up 0.3% at $2,320.98.

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