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PRECIOUS-Gold cuts early losses on weaker dollar; Fed in focus

* Market focus on Fed meeting
    * Spot gold may break resistance at $1,280 - technicals

 (Recasts; updates prices; adds comment)
    By Apeksha Nair
    Nov 1 (Reuters) - Gold prices inched up on Tuesday as the
dollar edged lower, with investors awaiting cues from a series
of upcoming central bank policy meetings and U.S. economic data.
    Of the various central bank policy meetings due this week,
the Federal Open Market Committee meeting due Tuesday and
Wednesday will be closely monitored for clues on the timing of a
possible interest rate hike. 
    October U.S. non-farm payrolls data is due Friday.
    Spot gold was up 0.13 percent at $1,278.99 per ounce
by 0733 GMT, while U.S. gold futures for December
delivery rose 0.52 percent to $1,279.70. 
    "Momentum, at present, seems to be favouring upside for gold
and silver, although we are climbing at snails pace," MKS Group
trader Alex Thorndike said in a note. 
    "We anticipate volatility to perhaps pick up into the
Presidential election date next week." 
    Spot gold may break resistance at $1,280 per ounce
and rise more to the next resistance at $1,293, as suggested by
its wave pattern and Fibonacci ratio analysis, according to
Reuters technical analyst Wang Tao. 
    Markets were pricing in around a 78 percent chance the Fed
will raise rates in December, but just a 6 percent chance of a
hike this week, according to the CME Group's FedWatch Tool.
    Gold is highly sensitive to rising rates, which lift the
opportunity cost of holding non-yielding assets such as bullion,
while boosting the dollar, in which it is priced.
     The dollar index, which measures the greenback
against a basket of major currencies, inched lower by about 0.1
percent at 98.332.
     The dollar index has fallen about 0.5 percent since
Friday's opening after the FBI revealed it reopened an
investigation of U.S. Democratic presidential candidate Hillary
Clinton's use of a private email system.
     "Certainly the FBI's probe into Clinton's emails makes
things more uncertain with people locking into gold for a little
while I think," said Ronald Leung, chief dealer at Lee Cheong
Gold Dealers in Hong Kong.
     Among other precious metals, silver was up about 0.5
percent at $17.95 per ounce. 
     Platinum rose 0.56 percent to $982.00 per ounce and
palladium gained 0.77 percent, to $623.25.

 (Reporting by Apeksha Nair and Koustav Samanta in Bengaluru;
Editing by Michael Perry and Joseph Radford)
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