* Gold rises ahead of Fed policy statement at 1800 GMT
* Prices run into resistance at 200-day ma at $1,172/oz
* GRAPHIC-2015 asset returns: link.reuters.com/dub25t (Updates prices)
LONDON, Oct 28 (Reuters) - Gold rose back above $1,170 an ounce on Wednesday on caution ahead of the Federal Reserve's latest policy statement, though gains were capped by uncertainty over the timing of an expected U.S. interest rate rise.
The metal edged back above its 200-day moving average at $1,172 an ounce, a key chart level that it breached earlier this month for the first time since May.
Spot gold was up 0.6 percent at $1,173.31 an ounce at 1223 GMT, while U.S. gold futures for December delivery were up $7.90 an ounce at $1,173.70.
The Fed is expected to keep interest rates on hold when its two-day policy meeting concludes at 1800 GMT, and may struggle to convince investors it can tighten monetary policy before the end of the year in the face of U.S. and global economic headwinds.
"If (the Fed) rules out a December hike, then it could give some short-term support to prices," Societe Generale analyst Robin Bhar said. "If it's delayed through to March, then I would expect a bit of buying to come through.
"But the market realises there is still a chance for rates to go up," he added.
Expectations that the Fed was on track to raise interest rates for the first time in nearly a decade, lifting the opportunity cost of holding non-yielding bullion while boosting the dollar, helped push gold to 5-1/2 year lows in July.
The metal has since rebounded after a string of disappointing U.S. data and as concerns grew over growth elsewhere in the world, particularly China.
The Fed held off raising rates last month, citing global concerns. Fed Chair Janet Yellen has since said the bank would still increase rates this year, though some other policymakers have said otherwise.
Gold took support on Tuesday from data showing a second straight drop in a gauge of U.S. business investment in September and a decline in consumer confidence this month.
"Weak U.S. economic data lent weight to the notion the Fed would refrain from raising rates any time soon, which in turn supported bullion," HSBC said in a note.
From a technical perspective, Commerzbank said in a weekly report that gold is consolidating after reaching the 50 percent retracement of the drop from its January highs to its July low. Dips lower are expected to hold at around $1,150-$1,135 for another leg higher to then take hold, it said.
Silver was up 1.3 percent at $16.02 an ounce, while platinum was up 1.3 percent at $995.75 an ounce and palladium was up 0.5 percent at $678.15 an ounce. (Additional reporting by Clara Denina in London and A. Ananthalakshmi in Singapore; Editing byDavid Holmes and David Evans)
Source: http://www.reuters.com/article/2015/10/28/global-precious-idUSL3N12S34420151028
