PRECIOUS-Gold dips 1% as equities firm, but eyes 3rd weekly gain

* Speculation grows of aggressive central bank easing
* Silver set for second week of gains
* Gold may fall into $1,483-$1,503/oz range - techs

(Adds comments, updates prices)
By Eileen Soreng
Aug 16 (Reuters) - Gold fell 1% on Friday, weighed down by
gains in the equity markets and the dollar, but fears of a
global recession and lack of clarity on the U.S.-China trade war
kept bullion on track for a third straight weekly gain.
Spot gold XAU= was down 0.6% at $1,513.66 per ounce as of
1231 GMT, but is up 1% so far this week.
U.S. gold futures GCcv1 fell 0.4% to $1,524.30.
"Positive risk-on sentiment has tried to make a return...
There is some demand for the dollar and some confidence over the
health of the U.S. economy especially after yesterday's
impressive retail sales figure. All this is weakening demand for
gold today," said FXTM analyst Lukman Otunuga.
World stocks rose as China hinted at more support for its
economy, amid growing expectations of aggressive stimulus from
all the major central banks. MKTS/GLOB Also weighing on gold was gains in the dollar after data
showing U.S. retail sales surged in July helped assuage some
fears of a recession. USD/ However, key macro fundamentals supporting the appetite for
gold remain firmly intact, with lower interest rates across the
globe and many central banks jumping aboard the global policy
easing bandwagon, Otunuga added.
Bullion has risen more than $100 since the beginning of the
month amid the heightened trade tensions and a slew of
disappointing economic data globally.
Earlier this week, 10-year Treasury yields dropped below the
2-year yield for the first time in 12 years. Curve inversion is
widely considered a warning that the economy is headed for
recession. US/
On the trade front, U.S. President Donald Trump said on
Thursday he believed China wanted to make a trade deal and that
the dispute would be fairly short. This comes after Beijing vowed to counter the latest tariffs
on Chinese goods but called on Washington to meet it halfway on
a potential deal. "There are major fundamental questions to be resolved
between the two sides and that is making people hesitant of
reaching a conclusion (on the talks)," Capital Economics analyst
Ross Strachan said.
Investors will now focus on the Federal Reserve's annual
symposium next week for further hints on monetary easing.
Traders see about a one-in-three chance of a 50 basis-point rate
cut by the Fed this September. FEDWATCH
On the technical side, spot gold may fall into a range of
$1,483-$1,503 per ounce, according to Reuters technical analyst
Wang Tao. Elsewhere, silver XAG= fell 0.4% to $17.19 per ounce, but
was on track for a second consecutive weekly gain.
Platinum XPT= fell 0.4% to $835.56 an ounce, while
palladium XPD= was steady at $1,444.95 an ounce.

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