(Repeats to fix formatting)
* Gold fell for 5th straight week, longest run since 2012
* FOMC meets Tues-Wed as rate rise expectations grow
* Coming up: U.S. durable goods orders at 1230 GMT
(Recasts to add weaker dollar, updates prices)
By Manolo Serapio Jr
MANILA, July 27 (Reuters) - Gold climbed above $1,100 an
ounce on Monday as a weaker dollar helped it distance from its
lowest level since 2010, although investors are not convinced
that a meaningful recovery is at hand amid a looming hike in
U.S. interest rates.
The Federal Reserve will hold a two-day meeting that ends on
Wednesday at which policymakers are likely to send more signals
pointing to a rate rise later in the year as the U.S. economy
strengthens.
Spot gold XAU= was up 0.4 percent at $1,102.95 an ounce by
0642 GMT after falling for a fifth straight week last week, the
longest run since late 2012.
The dollar .DXY sagged against a basket of currencies
after a drop in U.S. stocks and bond yields, making
dollar-denominated bullion cheaper for holders of other
currencies.
Bullion lost more than 3 percent last week after a rout on
Monday accompanied by big volume in New York and Shanghai that
sparked more sell-offs and pulled the price as low as $1,077 on
Friday, its cheapest since February 2010.
U.S. gold for August delivery GCcv1 gained 1.6 percent to
$1,102.30 an ounce.
Gold's recovery from last week's low appears to be mostly
due to short-covering, said HSBC analyst James Steel. "So while
we think prices may firm near-term, the selloff does not look as
if it's entirely over as we do not yet detect a notable change
in investor sentiment."
U.S. speculators turned bearish on Comex gold for the first
time since at least 2006 in the week ended July 21, U.S.
government data showed on Friday. ID:nL1N1041ZT
As gold prices tumbled, holdings of the world's biggest
gold-backed exchange-traded fund, the SPDR Gold Trust GLD ,
fell for a seventh day on Friday to 21.87 million ounces, the
lowest since September 2008. GOL/ETF
Many analysts expect the Fed to raise interest rates, the
first increase in nearly a decade, by September.
Based on forecasts mistakenly released on Friday, staff
economists at the Federal Reserve expect a quarter-point rate
increase this year. The Fed later said it was not the correct
document and gave a new table showing a slightly lower forecast
for gross domestic product and inflation in 2015.
ID:nL1N104197
At this week's meeting, the Fed is unlikely to deviate from
its recent policy statement or Fed Chair Janet Yellen's
congressional testimony this month, Mizuho Bank said.
"The most likely outcome is that Fed rhetoric will emphasise
that the U.S. economy is on track for a rate hike(s) this year,"
the bank said in a note.
Spot palladium XPD= rose 0.7 percent to $627 an ounce and
platinum XPT= gained 0.3 percent to $985, not too far from
last week's multi-year lows.
(Editing by Alan Raybould and Biju Dwarakanath)