CORRECTED - CORRECTED-PRECIOUS-Gold inches up to around $1,100 as dollar dip

(Corrects palladium day high in paragraph 12 to $441.75 not $451.75)

* Gold seen solid but unlikely to rise to record

* SPDR Gold holdings steady at 1,111.922 tonnes

By Miho Yoshikawa

TOKYO, Jan 25 (Reuters) - Gold rose on Monday to around $1,100 per ounce after the dollar edged down, helping bullion come off a one-month low hit in the previous session when commodities dipped on President Barack Obama's proposal to limit financial risk-taking.

Obama's plans to restrict banks or financial institutions from associating with a hedge fund or a private equity fund, which was unveiled on Thursday, caused stocks, the dollar and commodities to tumble. [ID:nN21115923]

Some market participants said, however, that fears in the commodities market about Obama's plan were out of proportion, and that gold would rise again.

Wong Eng Soon, an investment analyst at Singapore's Phillip Futures Pte Ltd, said: "It seems that the economy is improving and ... commodities will be able to appreciate as a whole."

But he said gold was unlikely to repeat last year's stellar performance, which took prices to a record high above $1,220 in December.

"I don't think this year's gold price will be as high as last year's ... because as the economy gets stronger we shouldn't be expecting the funds to put their assets into a safe-haven asset, they'll want to take more risks," Wong said.

Gold benefited last year from a rise in investor interest in commodities as an alternative asset to stocks, bonds and cash due to the economic downturn from late 2008.

Spot gold <XAU=> was at $1,101.55 per ounce as of 0605 GMT, up 0.9 percent from New York's notional close of $1,091.65.

Bullion hit a one-month low of $1,081.90 on Friday, although the dollar's decline provided some support.

U.S. gold futures for February delivery <GCG0> rose 1 percent to $1,101.60 per ounce, compared to the $1,089.70 settlement on the COMEX division of the New York Mercantile Exchange. It sank to a one-month low of $1,081.90 on Friday.

Industrial metals platinum and palladium also rallied on Monday.

Spot platinum <XPT=> rose as high as $1,562.50 per ounce, up 1 percent from $1,546.50 in late New York, while spot palladium <XPD=> rose as much as 2.6 percent to $441.75 from $430.50.

The two metals, valued for their use in automobile catalytic converters, have been trading at multi-month highs recently after the launch of U.S.-based exchange-traded funds backed by the metals this month.

The dollar was down 0.2 percent against the euro. Traders said the dollar could get a boost from some key events this week, including the Federal Reserve's interest rate meeting on Tuesday and Wednesday, its first of the year. [USD/]

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust <GLD>, said its holdings stood at 1,111.922 tonnes as of Jan. 22, unchanged from the previous business day. [GOL/SPDR]

As the market eased, noncommercial net long U.S. gold futures positions fell 3.4 percent to 221,469 lots in the week to Jan. 19 from 229,342 lots, a weekly report by the U.S. Commodity Futures Trading Commission showed. [ID:nN22174820]

PRICES

Precious metals prices at 0614 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 1102.90 11.25 +1.03 0.66 Spot Silver 17.19 0.23 +1.36 2.14 Spot Platinum 1558.00 11.50 +0.74 6.20 Spot Palladium 439.00 8.50 +1.97 8.26 TOCOM Gold 3206.00 26.00 +0.82 -1.63 63999 TOCOM Platinum 4514.00 15.00 +0.33 3.04 27674 TOCOM Silver 50.40 -0.60 -1.18 -2.51 888 TOCOM Palladium 1275.00 15.00 +1.19 9.44 718 Euro/Dollar 1.4168 Dollar/Yen 90.12 TOCOM prices in yen per gram. Spot prices in $ per ounce. (Additional reporting by Chikako Mogi; Editing by Michael Watson)