New "Pt-in-CeO2" catalyst prepared by microemulsion method is shown to give higher activity for a water-gas shift reaction but with no formation of CH4, the side product from hydrogenation of carbon oxides using a hydrogen-rich reformate as compared to conventional "Pt-on-CeO2" catalysts. Detailed characterization by DRIFT analysis and temperature programmed reduction presented in this work clearly suggest the ceria coverage on Pt inhibits the metal from forming a strong CO adsorption.