PRECIOUS-Gold prices falls on optimism over U.S.-China trade deal

* U.S.-China trade officials reaffirmed Phase 1 deal
commitment
* Interactive graphic tracking global spread of coronavirus:
open
https://tmsnrt.rs/3aIRuz7 in an external browser

(Adds comments，updates prices)
By K. Sathya Narayanan
Aug 25 (Reuters) - Gold prices fell on Tuesday as growing
optimism over U.S.-China trade relations dented the metal's
safe-haven appeal, while investors awaited a speech by Federal
Reserve Chair Jerome Powell this week.
Spot gold XAU= fell 0.6% to $1,920.91 per ounce by 02:10
p.m. EDT (1810 GMT). U.S. gold futures GCv1 settled down 0.8%,
at 1,923.10.
"We have a little optimism on U.S.-China relations, while
there is some optimism regarding the coronavirus (treatment) ...
so, little lesser need for safe havens," said David Meger,
director of metals trading at High Ridge Futures.
Top U.S. and Chinese trade officials on Tuesday reaffirmed
their commitment to a Phase 1 trade deal, adding to positive
news over progress in developing a treatment for COVID-19.
On Sunday, U.S. President Donald Trump hailed Food and Drug
Administration authorization of a virus treatment that uses
blood plasma from recovered patients. Data showed U.S. consumer confidence fell in August to a
more than six-year low, as households worried about the labor
market and incomes. "That was heavily priced in. Confidence is souring and that
is just going to force Congress to deliver more stimulus," said
Edward Moya, senior market analyst at broker OANDA.
"Because of all the uncertainty ... they can't let all the
efforts go to waste, and that is going to cement the bullish
outlook for gold."
Global central banks and governments have pumped in massive
monetary and fiscal stimulus to prop up virus-hit economies,
helping bullion gain over 25% so far this year.
Powell will speak at a gathering of central bankers in
Jackson Hole, Wyoming, on Thursday. The U.S. central bank has kept benchmark interest rates near
zero which is positive for non-yielding gold. FEDWATCH
Silver XAG= fell 1% to $26.28 per ounce, platinum XPT=
rose 0.7% to $922.08, while palladium XPD= gained 0.4% at
$2,168.65.

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