(Refiles to fix headline, typos)
* Spot gold hits record at $1,532.91, U.S. gold $1,534
* iShares Silver Trust holdings fall by 1.8 percent
* Coming up: U.S. Q1 GDP preliminary; 1230 GMT (Writes through; adds details; updates prices)
SINGAPORE, April 28 (Reuters) - Gold prices hit record highs on Thursday and U.S. silver futures jumped, buoyed by the dollar that languished around a 3-year low as the United States was seen retaining its accommodative monetary policy.
Spot gold ascended to a lifetime high of $1,532.91 an ounce, breaking a record for the second straight session. It was trading at $1,529.31 by 0551 GMT, up 0.2 percent.
U.S. gold futures
The dollar index , a measure of the greenback's strength against a basket of currencies, dipped to a three-year low after the U.S. Federal Reserve signalled no rush to reverse low interest rates in order to support economic recovery. [ID:nN26291565]
The weakening dollar has been a main driver behind gold's record-setting rally in recent weeks, alongside concerns over the ongoing crisis in the Middle East and North Africa region, fiscal stability in the euro zone and rising global inflation.
"Gold has followed the misfortunes of the dollar," said Darren Heathcote, head of trading at Investec Australia.
"It looks very difficult to find a reason to sell gold right now, and technically we are targeting $1,550. Bulls are very much in control of this market at the moment."
Physical gold buying was seen active in Asia, but scrap selling was limited, as market participants remained bullish even after gold has struck record highs in nine of the past ten sessions, dealers said.
"Gold is still bullish, with the second round of quantitative easing to be completed on schedule and interest rates to stay low until at least the end of the year," said a Hong Kong-based dealer.
"Unless we see the job market turn around quickly, interest rates will stay low for a long time."
A rally of more than 50 percent in silver prices, compared with a rise of 8 percent in gold this year, has attracted swarms of investors, who expect silver's dual nature as both industrial and precious metal to help drive its returns.
Spot silver rose by 0.7 percent to $48.07 an ounce, extending a rally of 6 percent in the previous session. It hit a 31-year high of $49.31 on Monday.
U.S. silver futures
As silver prices advanced, holdings in the iShares Silver Trust , the world's largest silver-backed exchange-traded fund, dipped 1.8 percent to 11,053.20 by April 27, from the previous session.
Gold and silver may both see more upside, but the risk of a pullback in silver is greater than for gold due to the more speculative nature of the silver market, traders said. Precious metals prices 0551 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1529.31 2.91 +0.19 7.74 Spot Silver 48.07 0.31 +0.65 55.77 Spot Platinum 1815.00 -4.45 -0.24 2.69 Spot Palladium 765.72 2.27 +0.30 -4.23 TOCOM Gold 4029.00 52.00 +1.31 8.05 78761 TOCOM Platinum 4813.00 6.00 +0.12 2.49 14607 TOCOM Silver 126.20 5.80 +4.82 55.80 5085 TOCOM Palladium 2022.00 32.00 +1.61 -3.58 833 COMEX GOLD JUN1 1530.20 13.10 +0.86 7.65 17435 COMEX SILVER MAY1 48.04 2.08 +4.52 55.25 6359 Euro/Dollar 1.4840 Dollar/Yen 81.72 TOCOM prices in yen per gram. Spot prices in $ per ounce. COMEX gold and silver contracts show the most active months (Editing by Clarence Fernandez)