* Gold up 1.2% so far this week
* 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
(Recasts, updates prices)
By Harshith Aranya
Aug 16 (Reuters) - Gold slipped on Friday as investors locked in
profits and equities recovered, but fears over a global economic
slowdown and a lack of clarity on the U.S.-China trade war kept the
metal on track for its third consecutive weekly gain.
Spot gold was down 0.6% at $1,513.80 per ounce as of 0729 GMT,
but is up 1.2% so far this week after rising in the previous two weeks.
U.S. gold futures dipped 0.3% to $1,525.50 an ounce.
Limiting gold's momentum, global financial markets regained
footing on Friday, as China hinted at more support for its economy,
amid growing expectations of aggressive stimulus from all the major
"Gold is consolidating here. The important consideration is
that none of the headwinds have gone away; the tariffs got delayed a
bit, but the underlying trade war remains and lower yields are
supportive for gold," said Ilya Spivak, senior currency
strategist with DailyFx.
"Markets are looking ahead for the Jackson Hole symposium. In
context of recent gains that might give us some corrective pullbacks,
as people reduce risk exposure before events."
U.S. President Donald Trump said on Thursday he believed China
wanted to make a trade deal and that the dispute would be fairly
This comes after Beijing vowed to counter the latest tariffs on
$300 billion of Chinese goods but called on the United States to meet
it halfway on a potential trade deal.
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.
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.
"The yellow metal continues to benefit from safe-haven
inflows, which should ensure that any pullbacks are limited ahead of
the weekend," OANDA analyst Jeffrey Halley, said in a note.
Investors will shift their focus to the Federal Reserve's annual
symposium next week. Traders see about a one-in-three chance of a 50
basis-point rate cut by the Fed this September.
Lower interest rates decrease the opportunity cost of holding
non-yielding bullion and weigh on the dollar.
However, the dollar index edged higher on Friday and was on
course for a weekly gain.
On the technical side, spot gold may fall into a range of
$1,483-$1,503 per ounce, as suggested by its wave pattern and a
retracement analysis, said Reuters technical analyst Wang Tao.
Elsewhere, silver slipped 0.7% at $17.15 per ounce but was on
track for a second consecutive weekly gain.
Platinum fell 0.3% to $836.36 an ounce, while palladium rose
0.3% to $1,448.52 an ounce.
(Reporting by Harshith Aranya and Brijesh Patel in Bengaluru; editing
by Richard Pullin and Rashmi Aich)
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