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 Gold on Tuesday held near lows touched in the previous session as Asian stocks rallied and markets assessed whether the latest US jobs data has boosted the prospects for an interest rate hike by the US Federal Reserve.

Spot gold was up marginally at $1,356.15 per ounce by 10.32am UAE time. It fell 0.8 per cent on Monday, its biggest decline in nearly two weeks, to close at $1,354.85. US gold was also little changed at $1,356.10 an ounce.    

Asian stocks hit a 2-1/2-month peak on Tuesday, a day after Wall Street shares rose to a record high on a combination of upbeat US data and expectations of more stimulus from global policymakers.     

Gold was coming under pressure after strong non-farm payrolls data that had boosted some expectations for a US rate hike, said Mark To, head of research at Hong Kong's Wing Fung Financial Group.    

Kansas City Federal Reserve President Esther George on Monday said US interest rates are too low and signalled she could be ready to restart her push for rate hikes within the Fed's rate-setting committee.     

Lower rates tend to boost gold prices because they cut the opportunity cost of holding non-yielding bullion while weighing on the dollar, in which it is priced.    

The European Central Bank will not ease monetary policy any further at its meeting next week, according to an overwhelming majority of respondents in a Reuters poll of euro money market traders on Monday.

A combination of a weaker US dollar, along with a return of Asian demand should continue to support gold prices in the second half of 2016, Citigroup said in a note.     

Gold miners expanded the global hedge book by another 50 tonnes in the first quarter after hedging on a net basis for a second straight year in 2015, an industry report showed on Monday.