SINGAPORE, Oct 12 (Reuters) - Gold was trading near its highest in seven weeks on Monday, bolstered by expectations the Federal Reserve will not hike U.S. interest rates soon.
FUNDAMENTALS
* Spot gold XAU= was little changed at $1,156 an ounce by 0043 GMT, after gaining 1.6 percent in the previous session.
* The metal climbed to $1,159.80 on Friday, its highest since Aug. 28, after minutes from the Fed's September policy meet showed that the central bank was deeply cautious about tightening monetary policy.
* Weakness in the dollar, which fell to a three-week low on Friday, also helped support gold. USD/
* A delayed rate rise could support non-interest-paying gold, although uncertainty over the timing could weigh on prices in the near term.
* Two influential Fed policymakers on Friday reinforced Fed Chair Janet Yellen's message that a rate hike is coming by year's end. urn:newsml:reuters.com:*:nL1N1291QG
* Fed policymakers are still likely to raise rates this year but that is "an expectation, not a commitment", and could change if the global economy pushes the U.S. economy further off course, Fed Vice Chairman Stanley Fischer said over the weekend. urn:newsml:reuters.com:*:nL1N12B087
* Recent weak U.S. data and concerns over the global economy have prompted many to believe the first U.S. rate hike in nearly a decade will not come this year.
* Hedge funds and money managers raised their bullish bets in COMEX gold and silver to four-month highs in the week ended Oct. 6, data on Friday showed, amid expectations the Fed will delay a much-anticipated rate hike. urn:newsml:reuters.com:*:nL1N1291V1
* Elsewhere, the London Bullion Market Association said on Friday it has formally asked exchanges and technology firms to bid for services such as a gold exchange or a clearing platform to make the London market more transparent and liquid. urn:newsml:reuters.com:*:nL8N1292MQ
* South Africa's Association of Mineworkers and Construction Union voted on Sunday to strike at the operations of AngloGold Ashanti ANGJ.J , Harmony Gold HARJ.J and Sibanye Gold SGLJ.J . urn:newsml:reuters.com:*:nL8N12B0MU
* Among other precious metals, platinum XPT= eased 0.2 percent to $976.99, but wasn't too far from a three-week high of $983 reached in the previous session.
* Palladium XPD= was down 0.4 percent on Monday after climbing to a near-four-month high of $722 on Friday.
* Trading activity during Asian hours is likely to be thinner than usual with Japanese markets closed for a public holiday. U.S. markets will also be shut on Monday for a holiday.
* For the top stories on metals and other news, click TOP/MTL or GOL
DATA AHEAD (GMT)
No major data scheduled
PRICES AT 0043 GMT Metal
Last
Change Pct chg
Spot gold
1156 -1.13
-0.1 Spot silver
15.83
0.01
0.06 Spot platinum
976.99 -1.51
-0.15 Spot palladium
704.55 -2.95
-0.42 Comex gold
1155.9
0
0 Comex silver
15.83 0.012
0.08
COMEX gold and silver contracts show the most active months