(Corrects percentage change in 2nd paragraph to 0.09 from 0.9)

* Speculators cut net long's in gold

* Bullion could retest support at $1,261/oz - Technicals

* Platinum off near 8-month lows hit Friday

By Apeksha Nair

Oct 24 (Reuters) - Gold prices held within a narrow range on Monday as markets awaited further clues on the timing of an interest hike by the U.S. Federal Reserve.

Spot gold XAU= was down 0.09 percent at $1,265.68 an ounce at 0745 GMT, while U.S. gold futures GCcv1 was down 0.1 percent at $1,266.40 an ounce.

"Given the risk is just going to be increased, most people are going to liquidate a part of their holdings, just to place themselves in a safer position," said Mark To, head of research at Hong Kong's Wing Fung Financial Group.

"Ahead of the U.S. elections results, it will move around the level $1,250 to $1,270 without much momentum to go up," he added.

Third-quarter growth figures from the United States and Fed policymakers speeches due this week will be closely watched by the market for clues on a possible interest rate hike. urn:newsml:reuters.com:*:nL8N1CQ5N2

Hedge funds and money managers cut their net long positions in COMEX gold for a third straight week in the week to Oct. 18, U.S. Commodity Futures Trading Commission data showed on Friday. urn:newsml:reuters.com:*:nL1N1CR1KM

San Francisco Fed President John Williams on Friday redoubled his call for raising rates soon, telling reporters after a speech here that "this year would be good" for a rate rise that he had wanted to take effect last month. urn:newsml:reuters.com:*:nL1N1CR1HW

Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

"People are watching the U.S. elections and the data is on the positive side, favourable for a rate hike. As long as prices stay below the $1,300 mark, the downward trend might continue," said Hareesh V, research head of Geofin Comtrade Ltd.

"Prices need to break convincingly above the $1,300 level for a strong upside movement."

Spot gold is biased to retest a support at $1,261 per ounce, a break below which could cause a loss to $1,251, according to Reuters technical analyst Wang Tao. urn:newsml:reuters.com:*:nL4N1CU11R

Silver XAG= was up 0.1 percent at $17.63 an ounce.

Platinum XPT= was up nearly 1 percent at $938.00 an ounce. In the previous session, it touched a low of $921.20, its lowest level since Feb. 29.

Palladium XPD= , which touched a more-than-three-month low of $613.10 in the previous session, rose 0.16 percent at $629.00.

(Reporting by Apeksha Nair and Nallur Sethuraman in Bengaluru; Editing by Richard Pullin and Sherry Jacob-Phillips) ((Apeksha.Nair@thomsonreuters.com; within U.S. +1 651 848 5832, outside U.S. +91 80 6749 6408/1298; Reuters Messaging: apeksha.nair.thomsonreuters.com@reuters.net))

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