(Updates prices) * Gold set to gain for third straight session * U.S. inflation data on Wednesday could boost gold - analyst * UAE to require gold refineries to undergo annual audit Nov 8 (Reuters) - Gold rose to a two-month high on Monday, bolstered by a retreat in the dollar and persistent inflation concerns after key central banks indicated interest rates would remain low in the near term. Spot gold was up for the third straight session, rising 0.5% to $1,825.64 per ounce by 1:40 p.m. ET (1740 GMT), the highest since Sept. 7. U.S. gold futures settled 0.6% higher at $1,828. Boosting gold’s appeal for those holding other currencies, the dollar index eased 0.3%. Major central banks are still overall accommodative, and all the cash in the system looking for a home is moving more into the gold and silver market as an inflation hedge, said Jim Wyckoff, senior analyst at Kitco Metals. Bullion jumped nearly 2% on Friday after the U.S. Federal Reserve and the Bank of England held off on any interest rate hikes. Inflation-cushion gold has been benefiting from an ultra-low interest rate environment to spur growth during the pandemic, since that translates into reduced opportunity cost of holding the non-yielding bullion. However, worries that central banks will start tightening policy to combat rising prices have kept investors on the lookout for economic data. Tightness in the labour market combined with dislocation in global supply chains could result in another high reading for U.S. consumer prices due on Wednesday. “Wednesday’s data is likely to favour gold as inflation could show the fastest rise since 1990,” likely triggering buying interest in bullion, said Sugandha Sachdeva, vice president of commodity & currency research at Religare Broking. Meanwhile, the United Arab Emirates, one of the world’s biggest bullion trade hubs, will require all gold refineries to undergo annual audits to ensure their suppliers are responsible, in an effort to combat illicit trading. Elsewhere, spot silver rose 1.2% to $24.45 per ounce, platinum climbed 2.3% to $1,057.75, and palladium gained 1.7% to $2,069.10. (Reporting by Bharat Govind Gautam and Amy Caren Daniel in Bengaluru; editing by Arpan Varghese)