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SINGAPORE, Sep 26 (Reuters) Gold gained more than 1 percent to above $593 an ounce on Tuesday, tracking higher crude oil prices and a weaker dollar, but trading may be cautious ahead of the release of key U.S. data.

''There's a bit of a bounce here, but to do something really convincing, it's going to have to break levels like $595 and $600,'' said commodities analyst Tobin Gorey of Commonwealth Bank of Australia in Sydney.

''I think the bounce back in oil is helping, but I don't think it's a renewed push on higher oil prices. It's helpful now but it might not be helpful another time,'' he said.

Spot gold hit a high of $593.75 an ounce, its highest in nearly two weeks, and hovered at $592.80/593.30 an ounce by 0350 GMT. That was higher than $586.20/587.20 late in New York on Monday, when it dropped more than $1 an ounce.

Higher crude oil may elevate gold's appeal as a hedge against inflation but expectations among some investors the Federal Reserve will keep interest rates on hold also contributed to Tuesday's rebound in bullion prices, said dealers.

''I don't think people want to go short and we may be trying to touch $605. And if they decide to cut the rates, then gold will fly,'' said a dealer in Singapore.

''We started the day in a weaker tone but the market made a U-turn. This is a reversal in trend and this tells people the market does want to try the higher level now,'' he said.

Bullion has rebounded nearly 4 percent since falling to a near three-month low of $571.20 on Sept. 15.

NYMEX crude rose as high as $61.90 a barrel, having risen to above $62 on Monday on short-covering, but dealers were cautious amid conflicting weather forecasts for winter.

U.S. forecasters are at odds over how cold and snowy the coming winter will be, with predictions ranging from intensely cold to mild in the key Northeast and Midwest heating regions.

Crude had fallen to as low as $59.52 a barrel on Monday because of abundant supplies in main consumer the United States and fears that slower U.S. economic growth would curb fuel demand.

''However, it's not all doom. A severe northern hemisphere winter would quickly diminish stocks, while further delays in bringing new oil fields and refineries online may put renewed pressure on global capacity by the end of this year,'' Investec Australia said in a daily report.

''Further sharp declines in the price may also be prevented by OPEC, with many of its members quoting $50-$60 as a desirable price level,'' it said.

Benchmark gold futures on the Tokyo Commodity Exchange added 10 yen per gram to 2,238 yen ($19.21), reflecting gains in oil and New York's COMEX market.

The dollar eased to 116.43 yen, from around 116.60 yen in late U.S. trade. The euro inched up to $1.2756.

The markets awaits U.S. consumer confidence data from the Conference Board on Tuesday as investors waited for clues on whether the U.S. Federal Reserve would keep interest rates on hold.

Major currencies have been stuck in narrow ranges for the past couple of months as investors looked for more clues on monetary policy after the Fed halted a two-year-long tightening policy in August.

Dealers will also keep an eye on the personal consumption expenditure index, the Fed's favourite measure of inflation, due later in the week.

Silver edged up to $11.28/11.33 an ounce from $11.22/11.29 an ounce in New York.

Platinum rose to $1,139/1,144 an ounce from $1,129/1,134 an ounce. Palladium rose to $315/320 an ounce from $312/317 late in New York.

Precious Metals Prices by 0353 GMT* Metal Last Net change Pct Move Gold 592.00 5.80 +0.99 Platinum 1139.00 10.00 +0.89 Palladium 315.00 3.00 +0.96 Silver 11.28 0.09 +0.80 Change so far in 2006 Metal Latest bid End prev year Pct Move Gold 592.00 517.20 +14.46 Platinum 1139.00 968.00 +17.67 Palladium 315.00 254.00 +24.02 Silver 11.28 8.81 +28.04 * The closing prices used to calculate the net change may differ from New York's last quoted prices.

REUTERS PKS KP2035