* Fed's patience on interest rates to last 'for some time'-minutes
* SPDR Gold holdings rise 0.4% on Tuesday
* Platinum dips to three-month low
(Updates prices, adds quote, details)
By Brijesh Patel and Swati Verma
May 22 (Reuters) - Gold was little changed on Wednesday in the
wake of minutes from the latest U.S. Federal Reserve meeting, but the
precious metal was trading above the two-week low hit in the last
session as stock markets slid on fresh trade tensions.
Spot gold was steady at $1,273.68 per ounce as of 3:10 p.m. EDT
(1910 GMT), having fallen to its lowest level since May 3 on Tuesday
U.S. gold futures settled 0.1% higher at $1,274.20.
The minutes from U.S. Fed's last meeting showed policymakers
agreed that their current patient approach to setting monetary policy
could remain in place "for some time."
"Not many surprises here and not many were expected. I would
note though that this Fed meeting happened before China backtracked on
the trade talks. At the next meeting, almost certainly there will be
more caution," said Tai Wong, head of base and precious metals
derivatives trading at BMO.
Earlier this week, Fed Chair Jerome Powell said it would be
premature to make a judgment about the impact of trade and tariffs on
Global financial markets fell as a reprieve in U.S. trade
restrictions on China's Huawei Technologies Co Ltd was countered by
reports the White House is considering sanctions on Chinese video
surveillance firm Hikvision.
U.S. Treasury Secretary Steven Mnuchin said U.S. officials were
not currently scheduled to go to Beijing for the next round of trade
negotiations, a day after the Chinese Ambassador to the United States,
Cui Tiankai, said that Beijing was still open for talks.
"We have global growth concerns relating to trade frictions
between the U.S. and China, and expectations of lower interest rates
down the year, but at the same time, the dollar is stronger, which is
not supportive for gold," said Jeff Klearman, portfolio manager
The dollar index firmed near a one-month peak, making gold
expensive for holders of other currencies.
Meanwhile, holdings of SPDR Gold Trust , the world's largest
gold-backed exchange-traded fund, rose 0.4% to 739.69 tonnes on
However, holdings have declined nearly 7% so far this year,
indicating subdued investor interest in bullion.
On the technical side, spot gold may now test support at $1,264
per ounce, a break below which could open the way towards $1,244,
according to Reuters technical analyst Wang Tao.
Among other precious metals, silver was steady at $14.44 per
ounce, while palladium edged 0.2% lower to $1,317.52.
Platinum slipped 1.7% to $799.39 an ounce, having touched its
lowest since Feb. 18 at $798.50 earlier in the session.
(Reporting by Brijesh Patel and Swati Verma in Bengaluru; Editing by
Bernadette Baum, Chizu Nomiyama and Sandra Maler)
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