PRECIOUS-Gold steady ahead of Brexit talks; weak U.S. data lends support

* Weak U.S. retail sales boost rate-cut bets
* Palladium hits fresh high of $1,783.21/oz

(Adds details, updates prices)
By Karthika Suresh Namboothiri
Oct 17 (Reuters) - Gold prices were nearly steady on
Thursday as traders refrained from making any big bets in the
absence of fresh developments on the Sino-U.S. trade war front
and Brexit negotiations, while weak U.S. retail sales data
provided support.
Spot gold XAU= rose 0.1% to $1,490.81 per ounce as of 0630
GMT. U.S. gold futures GCcv1 inched 0.1% higher to $1,494.90.
"Gold has broken multiple resistance levels in recent times
and now we are seeing a correction taking place," said Silver
Bullion sales manager Vincent Tie.
"But weak data across the world has firmed concerns about a
slowdown in the global economy and that is providing some
support to the safe-haven metal."
Market participants look for updates on the U.S.-China trade
talks. Trade negotiators were working on nailing down a Phase 1
trade deal text for their presidents to sign next month, U.S.
Treasury Secretary Steven Mnuchin said on Wednesday, but offered
little details. With no top-level meetings in sight anytime soon, investors
pondered how much longer the ugly trade spat, that has roiled
financial markets around the world, will continue.
Investors are also in a wait-and-watch mode ahead of Brexit
talks later in the session, which will determine how Britain
will part with the European Union.
Global stocks barely moved as soft U.S. data raised
concerns about the health of the U.S. economy and risks of
global recession, given consumption has been one of few
remaining bright spots in the global economy. MKTS/GLOB
U.S. retail sales dropped for the first time in seven
months in September, suggesting that manufacturing-led weakness
could be spreading to the broader economy, keeping the door open
for the Federal Reserve to cut interest rates again later this
month. OCBC said the October rate-cut fever may resume as global
risk sentiments stay muted after disappointing retail sales
numbers, which could prove to be a tipping point for the U.S.
economy.
Among other precious metals, palladium XPD= notched a
record high of $1,783.21 an ounce, extending gains into a fourth
session.
Palladium is crucial in the making of catalytic converters
used in exhaust systems of vehicles, and concerns over its
supply running out have helped lift prices by more than 41% this
year alone, despite a weakening auto sector.
Meanwhile, silver XAG= was flat at $17.38 per ounce, while
platinum XPT= inched 0.2% higher to $884.79 per ounce.