Traders look forward to U.S. PCE data on Thursday
Dollar at near twomonth low
Spot gold may extend gains into 2,0262,032 range technicals

Nov 27 Reuters Gold prices climbed a sixmonth peak on Monday, supported by a weaker U.S. dollar and on bets that the Federal Reserve is done with its interest rate hike cycle, while the focus shifted to U.S. inflation data due later this week.

Spot gold was up 0.4 at 2,010.87 per ounce by 0608 GMT, after hitting its highest since May 16. U.S. gold futures also rose 0.4 to 2,011.90.

What39;s moving gold at the moment is the lower U.S. dollar because of the recent soft data, said Kyle Rodda, a financial market analyst at Capital.com.

Economic figures coming out of the U.S. this week, both on the growth and inflation front, will make or break a case for whether gold remains above 2,000, Rodda added.

The dollar index edged down 0.1 against its rivals, not far from a more than twomonth low level touched last week, making gold less expensive for other currency holders.

Market focus now shifts to the revised U.S. thirdquarter GDP figures due on Wednesday and the U.S. PCE price index Fed39;s preferred inflation gauge on Thursday.

Recent data showing signs of slowing inflation in the U.S. has boosted expectations that the Fed could begin easing monetary conditions sooner than expected.

Traders widely expect the Fed to leave rates unchanged in December, while pricing in about a 60 chance of a rate cut in May next year, according…