Aug 23 (Reuters) - Gold prices slipped on Friday, but held
near the key $1,500 level amid trade uncertainties and ahead of
U.S. Fed chair's speech for clues on future rate cuts.
FUNDAMENTALS
* Spot gold XAU= edged down 0.1% to $1,496.78 per ounce as
of 0120 GMT.
* U.S. gold futures GCcv1 were down 0.2% at $1,506.30 an
ounce.
* The market is closely watching Federal Reserve Chairman
Jerome Powell's speech at the Jackson Hole seminar for clarity
on monetary policy after minutes of the U.S. central bank's July
meeting tempered hopes of aggressive rate cuts. * Underscoring divisions within the Fed, two central bank
officials said on Thursday the U.S. economy does not need more
stimulus at this point while another said he was "open-minded."
* Futures 0#FF: are still fully priced for a quarter-point
cut in rates next month, but virtually no traders expect a 50
basis-point cut. FEDWATCH
* In the U.S. bond market, the two-year, 10-year Treasury
yield curve briefly moved back into inversion overnight. It had
flashed recession red lights last Wednesday for the first time
since before the financial crisis. * Traders are also awaiting the Group of Seven summit this
weekend for clues on what additional steps policymakers may take
to boost economic growth.
* China has partially lifted restrictions on imports of
gold, bullion industry sources said on Thursday, loosening curbs
that had stopped an estimated 300-500 tonnes of the metal worth
$15-25 billion at current prices from entering the country since
May. * SPDR Gold Trust GLD , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.34% to 854.84
tonnes on Thursday. GOL/ETF
DATA AHEAD (GMT)
* 1400 US Fed Chair Powell delivers remarks at the
Jackson Hole Symposium
* 1400 US New Home Sales-Units July