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PRECIOUS-Gold prices ease as Trump's trade concession lifts equities


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* SPDR Gold holdings slipped 1.3% on Tuesday

* China July industrial output growth weakest in 17 years

* Spot gold may retest support at $1,480/oz - techs (Updates prices)

By Brijesh Patel

Aug 14 (Reuters) - Gold prices edged lower on Wednesdayafter the United States delayed tariffs on some Chinese imports,easing trade concerns, although political uncertainties andlingering global growth concerns limited losses for thesafe-haven metal.

Spot gold XAU= was down 0.1% at $1,499.89 per ounce, as of0716 GMT.

U.S. gold futures GCcv1 were down 0.2% at $1,510.80 anounce.

"Easing in trade tensions, geopolitical risks have providedsome sort of hope in the markets which boosted equities, becauseof this there is a brief pullback in gold prices," said JohnSharma, an economist with National Australia Bank.

"However, the trade dispute is still not resolved.Geopolitical risks in Hong Kong, trends in global growth and weare also expecting at least one more cut from the FederalReserve. All these factors are supportive for gold," Sharmaadded.

U.S. President Donald Trump on Tuesday backed off his Sept.1 deadline for 10% tariffs on remaining Chinese imports,delaying duties on cellphones, laptops and other consumer goods,in the hopes of blunting the impact on U.S. holiday sales. urn:newsml:reuters.com:*:nL2N2590HM

The reprieve in the trade dispute between the world'sbiggest economies provided relief for financial markets grippedby political and economic turmoil, as Asian shares joined aglobal equities rally on Wednesday. MKTS/GLOBurn:newsml:reuters.com:*:nL4N2592SUurn:newsml:reuters.com:*:nL4N2582GY

"Financial markets are starved for a bit of good news. Chinasaid it would hold trade talks by phone in two weeks, and theU.S. saying it will delay some of the tariffs have driven a waveof profit-taking across safe-haven assets," Stephen Innes,managing partner, VM Markets wrote in a note.

Meanwhile, China's closely watched industrial output rose inJuly at the slowest pace in more than 17 years, official datashowed on Wednesday, in the latest sign of faltering demand asthe United States ramps up trade pressure. urn:newsml:reuters.com:*:nB9N24U02P

Market focus shifts to the U.S. Federal Reserve's annualsymposium next week for clues on the future trajectory ofinterest rates. Traders see a 86.2% chance of a 25 basis-pointrate cut by the U.S. central bank this September. FEDWATCH

Lower U.S. interest rates put pressure on the dollar andbond yields, increasing the appeal of non-yielding bullion.

The dollar index .DXY was relatively unchanged against abasket of major currencies on Wednesday, after rising 0.4%overnight. USD/

Holdings of SPDR Gold TrustGLD , the world's largestgold-backed exchange-traded fund, fell 1.3% to 836.66 tonnes onTuesday from Monday. GOL/ETF

Spot gold may retest a support at $1,480, following itsfailure to break a resistance at $1,524 per ounce, said Reuterstechnical analyst Wang Tao. urn:newsml:reuters.com:*:nL4N25A148

Silver XAG= eased 0.1% to $16.95 per ounce, after hittinga more than one-and-a-half-year high in the previous session.

Platinum XPT= slipped 0.5% to $847.92 an ounce andpalladium XPD= dipped 0.8% to $1,444.16 an ounce.

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(Reporting by Brijesh Patel and Harshith Aranya in Bengaluru;Editing by Shounak Dasgupta and Richard Pullin) ((Brijesh.Patel1@thomsonreuters.com ; Within U.S. +1 651 8485832, Outside U.S. +91 8067493865; Reuters Messaging:Brijesh.Patel1.thomsonreuters.com@reuters.net))






This article appears in: Stocks , World Markets , Politics
Referenced Symbols: GLD ,



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