* Gold hits one-week high at $2,009.89/oz
* Silver jumps as much as 3.5%
* Interactive graphic tracking global spread of coronavirus:open in an external browser
(Updates prices)By Eileen SorengAug 18 (Reuters) - Gold rose more than 1% on Tuesday toclimb back above the $2,000 level breached earlier this month,as the dollar hit a more than two-year low and investors awaiteddetails of the U.S. Federal Reserve's strategy to combat apandemic-induced economic slump.Spot gold was up 1% at $2,005.04 per ounce by 1158GMT, having earlier hit a one-week peak of $2,009.89. Gold firstbroke the record $2,000-level early in August, reaching anall-time high of $2,072.50.
U.S. gold futures were up 0.8% at $2,014.40."It's really is about the return or the perception of areturn," Michael Hewson, chief market analyst at CMC Markets UK,said. "The dollar has lost its attraction when it comes toreturn now relative to two years ago."Making gold cheaper for those holding other currencies, thedollar index hit its lowest since May 2018, pressured bylow yields and bleak U.S. economic data.On Monday, gold jumped as much as 2.4%, drawing impetus fromWarren Buffett's Berkshire Hathaway buying a stake in major goldminer Barrick Gold. This reinforced gold's 32% surge this year, helped by a rushto perceived safety in the metal considered a hedge againstinflation and currency debasement.Gold, with its reputation for relative safety, is alsodrawing investors as the United States ratchets up pressure onChina's Huawei , CMC's Hewson said.For further direction, investors are awaiting minutes fromthe Fed's last meeting, which are due on Wednesday. "Traders are getting the last kick at the can ahead of theFOMC minutes, where the view is for the Fed to have talked aboutYCC (yields curve control) or inflation-targeting, which is badfor the dollar and good for gold," said Stephen Innes, chiefmarket strategist at financial services firm AxiCorp.Silver climbed 2.4% to $28.05 per ounce.Platinum rose 1.1% to $960.06 per ounce, whilepalladium eased 0.2% to $2,195.18. (Reporting by Eileen Soreng and Harshith Aranya in Bengaluru;Editing by Barbara Lewis and Jan Harvey)
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