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

* 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 Wednesday
after the United States delayed tariffs on some Chinese imports,
easing trade concerns, although political uncertainties and
lingering global growth concerns limited losses for the
safe-haven metal.
Spot gold XAU= was down 0.1% at $1,499.89 per ounce, as of
0716 GMT.
U.S. gold futures GCcv1 were down 0.2% at $1,510.80 an
ounce.
"Easing in trade tensions, geopolitical risks have provided
some sort of hope in the markets which boosted equities, because
of this there is a brief pullback in gold prices," said John
Sharma, an economist with National Australia Bank.
"However, the trade dispute is still not resolved.
Geopolitical risks in Hong Kong, trends in global growth and we
are also expecting at least one more cut from the Federal
Reserve. All these factors are supportive for gold," Sharma
added.
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.
The reprieve in the trade dispute between the world's
biggest economies provided relief for financial markets gripped
by political and economic turmoil, as Asian shares joined a
global equities rally on Wednesday. MKTS/GLOB "Financial markets are starved for a bit of good news. China
said it would hold trade talks by phone in two weeks, and the
U.S. saying it will delay some of the tariffs have driven a wave
of profit-taking across safe-haven assets," Stephen Innes,
managing partner, VM Markets wrote in a note.
Meanwhile, China's closely watched industrial output rose in
July at the slowest pace in more than 17 years, official data
showed on Wednesday, in the latest sign of faltering demand as
the United States ramps up trade pressure. Market focus shifts to the U.S. Federal Reserve's annual
symposium next week for clues on the future trajectory of
interest rates. Traders see a 86.2% chance of a 25 basis-point
rate cut by the U.S. central bank this September. FEDWATCH
Lower U.S. interest rates put pressure on the dollar and
bond yields, increasing the appeal of non-yielding bullion.
The dollar index .DXY was relatively unchanged against a
basket of major currencies on Wednesday, after rising 0.4%
overnight. USD/
Holdings of SPDR Gold Trust GLD , the world's largest
gold-backed exchange-traded fund, fell 1.3% to 836.66 tonnes on
Tuesday from Monday. GOL/ETF
Spot gold may retest a support at $1,480, following its
failure to break a resistance at $1,524 per ounce, said Reuters
technical analyst Wang Tao. Silver XAG= eased 0.1% to $16.95 per ounce, after hitting
a more than one-and-a-half-year high in the previous session.
Platinum XPT= slipped 0.5% to $847.92 an ounce and
palladium XPD= dipped 0.8% to $1,444.16 an ounce.

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