PRECIOUS-Gold eases as positive trade news boosts risk sentiment

(Recasts, updates prices, add comments and details)
* Phase-1 trade deal may be delayed until Dec - U.S.
official
* Gold to trade between $1,482-$1,518 an ounce - dealer
* Markets await weekly U.S. jobless claims report later in
the day

By Sumita Layek
Nov 7 (Reuters) - Gold inched down on Thursday, losing some
of its safe-haven appeal after China said that it had agreed
with the United States in the past two weeks to a phased
cancellation of the additional tariffs imposed during their
months-long trade war. MKTS/GLOB
Spot gold XAU= fell 0.2% at $1,487.27 per ounce, as of
0831 GMT, while U.S. gold futures GCv1 were down 0.3% at
$1,488.3 per ounce.
"If we see the trade talks go further in a positive
direction, we will see more pressure on gold," said Vandana
Bharti, assistant vice-president of commodity research at SMC
Comtrade.
"If prices fall below $1,480 an ounce, we will see a fresh
low at $1,465."
On Wednesday, a senior official of the Trump administration
told Reuters that a meeting between U.S. and Chinese leaders to
sign an interim trade deal could be delayed until December as
discussions continue over both the terms and the venue.
The tit-for-tat tariff war between the world's two biggest
economies for the past 16 months have roiled financial markets
and raised fears of a global economic slowdown, helping the
safe-haven bullion rise nearly 16% this year.
"Sentiments are that some kind of deal will get done, also
the Federal Reserve has said that it is not looking to do
anything more this year (with interest rates)" and that is why
gold's reaction has been relatively muted, said Brian Lan of
Singapore dealer GoldSilver Central.
Last month, the Fed cut interest rates for the third time
this year to help sustain U.S. growth despite a slowdown in
other parts of the world, but signalled there would be no
further reductions unless the economy takes a turn for the
worse. Lower interest rates reduces the opportunity cost for
holding the non-yielding gold.
Gold will trade in a range of $1,482-$1,518 an ounce in the
short term, Lan said.
Among the other precious metals, silver XAG= dipped 0.3%
to $17.57 per ounce. Platinum XPT= rose 0.3% at $931.51 per
ounce, while palladium XPD= rose 0.5% to $1,800.87 per ounce.