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Gold trading just $5.63 below all-time peak

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Dollar hits an over one-month low

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Traders expect the Fed to leave rates unchanged next week

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All precious metals poised for weekly gains

(Updates with U.S. morning hours)

By Anjana Anil

Jan 24 (Reuters) - Gold prices climbed over 1% on

Friday, closing in on its all-time-high hit in October, as a

weakening dollar on U.S. President Donald Trump's push for lower

rates and tariff uncertainty drove the metal towards its fourth

straight weekly rise.

Spot gold was up 0.9% at $2,778.03 per ounce by 10:05

a.m. ET (1505 GMT). The prices, which have added 2.9% so far

this week, are a mere $5.63 away from the record high of

$2,790.15 hit on Oct. 31.

U.S. gold futures rose 0.7% to $2,785.10 per ounce.

"One factor certainly seems to be the drop in the U.S.

dollar... some of the biggest factors that are driving it are

associated with (President Trump) talking tariffs," said Bart

Melek, head of commodity strategies at TD Securities.

"(Trump) is at risk of elevating prices and I think the gold

market perceives perhaps a higher inflation and possibly a

central bank that's more accommodative."

In this climate of uncertainty, zero-yield gold continued to

shine as a reliable hedge against inflation and instability,

while it remains particularly appealing in a low-interest-rate

environment.

At the World Economic Forum on Thursday, Trump called for an

immediate reduction in interest rates. The dollar hit an

over one-month low, making bullion less expensive for foreign

buyers.

"Focus has now shifted to Feb. 1 in terms of tariff or trade

policy announcements, with less focus on the Jan. 29 Fed

meeting," Standard Chartered said in a note.

Trump has said tariffs on Mexico, Canada, China and the

European Union could be announced on Feb. 1.

A short-covering rally has boosted spot prices, but ETF

flows remain choppy ahead of the Fed meeting, the bank noted.

Traders expect the Fed to leave rates unchanged at next

week's meeting.

Spot silver was up 0.5% at $30.58 per ounce and

platinum rose 0.6% to $947.91. Palladium gained

0.4% to $995.50, hitting its highest since November 25.

All were poised for weekly gains.