PRECIOUS-Gold dips as stronger dollar, rate hikes trounce growth concerns

    * Asian shares firm, growth fears cap gains
    * Dollar heads back towards 2-decade peaks

 (Recasts, updates prices)
    By Bharat Gautam
    July 5 (Reuters) - Gold prices eased in a narrow range on
Tuesday, as an elevated dollar and impending interest rate hikes
overpowered support from underlying concerns over the global
economic outlook. 
    Spot gold        was down 0.2% at $1,805.20 per ounce at
0725 GMT, while U.S. gold futures        gained 0.4% to
    The dollar        firmed, heading back towards two-decade
peaks, and continued to chip away at demand for greenback-priced
gold among buyers holding other currencies.        
     "Overall, gold's price action is still underwhelming,
setting a series of lower daily highs over the past month,"
OANDA senior analyst Jeffrey Halley said. That suggests the
downside remains the likelier path of travel, he added. 
     Bullion has been pressured in the past few months by major
central banks around the world moving to hike interest rates in
their attempt to tame runaway inflation.         
    The general move lower in U.S. yields seems to be delaying
the inevitable correction in prices of non-yielding gold, Halley
said, which peaked at above $2,000 an ounce in March following
Russia's invasion of Ukraine. 
    Resuming trade after a weekend extended by the Independence
Day holiday, benchmark U.S. 10-year Treasury yields recovered
slightly from Friday's one-month low, but remained below 3%.
    "While we are stuck in the $1,790 to $1,830 range, gold
could be supported on recession worries and possibly the Federal
Reserve softening their policy stance as the market pivots from
inflation concerns," said Stephen Innes, managing partner at SPI
Asset Management.              
    Gold is seen as a safe store of value during times of
economic crises, like a recession.     
    Meanwhile, Asian shares posted their biggest daily rise in a
week on Tuesday, though fears of a global recession and high
inflation tempered the mood.             
    Spot silver        gained 0.2% to $19.99 per ounce, while 
platinum        fell 1.1% to $876.02 and palladium       
climbed 0.5% to $1,931.92.   

 (Reporting by Bharat Govind Gautam in Bengaluru; Editing by
Uttaresh.V, Amy Caren Daniel and Jan Harvey)