Hong Kong, Oct 31 - Spot gold was holding well for now above USD780/oz after earlier bout of profit-taking driven by lower expectations of Fed rate cut, says a Hong Kong-based trader Wednesday.

Spot gold was trading up at USD781/oz, up from intraday low of USD777.05/oz in the New York, where it closed down fell USD3.40.

The trader says gold's retreat in past two sessions means that the possibility of Fed standing pat nearly priced in, doesn't expect sharp correction in gold short-term. "Ultimately I think we'll have support at USD775 and then (bounce) back up."

[Source: Dow Jones Newswire]