* Platinum scales highest in nearly six years
* Dollar index at two-week low
* Fed Chair Jerome Powell's virtual speech due at 1900 GMT (Updates prices)
By Sumita Layek
Feb 10 (Reuters) - Gold rose on Wednesday, hovering near a one-week peak hit in the previous session, as a weaker dollar and rising hopes of a U.S. stimulus package elevated bullion's appeal as a hedge against inflation.
Spot gold XAU= rose 0.3% to $1,842.51 per ounce by 0811 GMT. Prices hit their highest since Feb. 2 at $1,848.40 on Tuesday. U.S. gold futures GCv1 gained 0.5% to $1,846.60.
The dollar .DXY slipped to a two-week low against rivals. USD/
"With U.S. yields holding steady, gold is moving inversely to the U.S. dollar. This is not a gold story, rather it is a weak dollar story," said Jeffrey Halley, a senior market analyst at OANDA.
U.S. President Joe Biden's $1.9 trillion coronavirus relief bill is expected to pass through Congress despite opposition from Republicans over the price tag. inflation numbers are key risk," Halley said, adding a higher figure could cause a short-term spike in the U.S. dollar and push gold lower. The January Consumer Price Index data is due at 1330 GMT.
Higher inflation boosts gold but also lifts Treasury yields, which in turn increases the opportunity cost of holding bullion. US/
"Gold can struggle in the short term near the $1,850 level ... rising interest rates will continue to be a headwind to prices," said Amit Kumar Gupta, portfolio management services head, Adroit Financial Services.
Investors now await Federal Reserve Chairman Jerome Powell's speech before a virtual Economic Club of New York event at 1900 GMT. platinum XPT= hit its highest since February 2015 at $1,208.50, and was last up 2.4% at $1,203.19.
A global economic recovery along with Biden's plans for green energy could push the platinum market into a deficit this year, analysts said.
Spot silver XAG= gained 0.3% to $27.29 an ounce, while palladium XPD= climbed 0.3% to $2,326.88.