PRECIOUS-Gold rises on lingering growth risks as spotlight turns to ECB

* ECB announcement expected at 1145 GMT
* Investors also await U.S. Aug CPI at 1230 GMT
* Palladium hits $1,600/oz, up for 4th session

(Updates prices)
By Brijesh Patel
Sept 12 (Reuters) - Gold rose on Thursday ahead of a
European Central Bank meeting, supported by lingering concerns
around global growth, while an uptick in financial markets
driven by hopes of a thaw in U.S.-China trade tensions kept the
metal's gains in check.
Spot gold XAU= was up 0.4% at $1,503.04 per ounce as of
1108 GMT. U.S. gold futures GCcv1 rose 0.5% to $1,510.06.
"We have the ECB meeting coming up and there are growing
concerns they may not be able to deliver what the market is
looking for in terms of economic boost; in that case it will
provide a bid to gold," Saxo Bank commodity strategist Ole
Hansen said.
"The underlying demand continues to remain strong for gold,
there is a sense in the market that traders don't want to miss
out on any renewed rally. It does indicate that the buyers have
been waiting and they're worried about not catching the bus when
it leaves the station."
Investors are looking to the ECB meeting to see how far
policymakers will go to support a flagging economy, given the
risks posed by Britain's planned exit from the European Union.
The ECB is set to announce its rate decision at 1145 GMT,
followed by a news conference by the central bank's President
Mario Draghi at 1230 GMT.
Markets are also awaiting consumer price index (CPI) data
from the United States for August, which is expected to
accelerate by merely 0.1%, compared with 0.3% in July, according
to a Reuters poll, and reinforce expectations of an interest
rate cut from the U.S. Federal Reserve at its meeting next week.
Meanwhile, the United States on Wednesday agreed to delay
increasing tariffs on $250 billion worth of Chinese imports
until Oct. 15, from Oct. 1 "as a gesture of goodwill".
Positive signs on the trade front lifted risk sentiment,
with world stocks advancing to their highest in six weeks.
MKTS/GLOB
"The risk-on tone on the back of positive trade news has
done little to dent interest in gold," MKS PAMP said in a note.
"However, the metal still trades sub-$1,500 as ETF outflows
look to have dried up for the time being following recent
declines to holdings."
Holdings of the SPDR Gold Trust GLD , the world's largest
gold-backed exchange-traded fund (ETF), have fallen nearly 2% so
far this month. GOL/ETF
Elsewhere, silver XAG= gained 0.6% to $18.19 per ounce,
and platinum XPT= rose 1% to $953.85.
Palladium XPD= was up 1.5% at $1,595.05 after hitting a
two-month high of $1,600.32 earlier in the session.