SINGAPORE, Oct 21 (Reuters) - Asia shares dipped in and

out of positive territory on Monday, under pressure from

weakness in Chinese stocks, but bitcoin scaled a

three-month peak as "Trump trades" continued to ramp up.

Gold hit another record high on conflict in the

Middle East and an extremely close U.S. presidential election,

with the yellow metal expected to stay in favour among much

global uncertainty.

Optimism over Beijing's slew of stimulus measures first

announced late in September has turned into caution in recent

days as investors look to further details of more fiscal support

from policymakers.

Though China cut its benchmark lending rates on Monday, the

move was anticipated.

Equities in Hong Kong were last down 0.6%, while

China's blue-chip index swung between losses and

gains. It last traded 0.4% higher, while the Shanghai Composite

Index gained 0.36%.

That capped gains in MSCI's broadest index of Asia-Pacific

shares outside Japan, which were last up a

marginal 0.11%, a step back in sentiment after U.S. stocks

posted a sixth straight week of gains on Friday.

Japan's Nikkei rose 0.34%.

Further details on Chinese stimulus might take some time to

emerge.

"We might have to wait until late October or early November

for concrete plans from the Standing Committee meeting of the

National People's Congress," said Chaoping Zhu, global market

strategist at J.P. Morgan Asset Management in Shanghai.

U.S. ELECTION

With just about two weeks to go before the Nov. 5. U.S.

election, bets that a Donald Trump victory are on rise in some

financial instruments.

The Republican candidate's tariff, tax and immigration

policies are seen as inflationary, and thus negative for bonds

and positive for the dollar. He is also seen as taking a more

favourable stance towards cryptocurrencies.

"(It) seems now that Trump's ahead in the key battleground

states, which suggests he's quite well placed to regain the

White House and I think the markets started to factor that in

last week with the stronger equities, higher yields, U.S. dollar

obviously doing very, very well and bitcoin on track for a 10%

gain over the past week," said Tony Sycamore, a market analyst

at IG.

Bitcoin was last 0.5% higher at $69,100, after having

touched its strongest level since July at $69,487 earlier in the

session. The world's largest cryptocurrency gained 9.6% last

week, and is up more than 8% for the month thus far.

"Things look pretty good for bitcoin right here. I think it

can continue higher," said Sycamore.

The dollar hovered not too far from a high of more than two

months against a basket of currencies on Monday, with the

dollar index last at 103.46.

Sterling dipped 0.02% to $1.3045, while the euro

fell 0.01% to $1.0865.

In the bond market, the benchmark 10-year U.S. Treasury

yield ticked up one basis point to 4.0907%, while

the two-year yield last stood at 3.9568%.

Spot gold peaked at a record of $2,727.39 an ounce,

extending its rally after having gained more than 2% last week.

"One of the clearest Trump trades so far has been gold,

given his belligerent stance on trade and willingness to

weaponise the dollar, keeping demand for diversification well

supported among emerging central banks," said Arun Sai, senior

multi asset strategist at Pictet Asset Management.

Oil prices ticked higher on Monday, nursing a steep fall

from last week.

Brent crude futures were last 0.4% higher at $73.36

a barrel, while U.S. crude ticked up 0.43% to $69.52 per

barrel.