PRECIOUS-Gold slips as U.S.-China deal hopes cheer stock markets

(Updates prices)
* Gold, silver eye weekly gain; platinum, palladium set for
falls
* U.S. retail sales, industrial production data awaited

By Eileen Soreng
Nov 15 (Reuters) - Gold prices fell on Friday as a White
House official's comments rekindled hopes of a U.S.-China trade
deal and boosted appetite for riskier assets, but bullion was
still on course for a weekly gain.
Spot gold XAU= was down 0.5% at $1,464.40 per ounce at
1240 GMT, though up about 0.4% on the week.
U.S. gold futures GCcv1 were down 0.6% at $1,464.70 per
ounce.
White House economic adviser Larry Kudlow said late on
Thursday that the United States and China were getting close to
a deal and the "mood music is pretty good." "Comments from the White House economic adviser are
injecting renewed optimism surrounding the prospects of a trade
deal," said FXTM market analyst Han Tan, adding, if there are
significant bouts of risk-on sentiment, gold could break below
the $1,450 support level.
Hopes of a trade deal between Washington and Beijing sent
world stock markets and other risk assets higher. MKTS/GLOB
Gold's trajectory is still very much hinged on the outcome
of the ongoing trade talks and any decline in gold will be
contained until there is official confirmation that a deal is
signed, Tan said.
Gold prices have gained more than 14% this year as the trade
spat between the world's biggest economies roiled financial
markets, stoking fears of a global economic slowdown and
prompting major central banks to reduce interest rates.
Market sentiment soured earlier this week after U.S.
President Donald Trump on Tuesday said he could impose
substantial new tariffs on China if no deal was reached.
"We will have a first positive signal if the price climbs
above $1,470, while another fall below $1,445 would denote
sellers dominating while markets wait for further news on the
trade war or further input from central banks, particularly from
the (U.S.) Federal Reserve," Carlo Alberto De Casa, chief
analyst at ActivTrades said in a note.
Among other precious metals, silver XAG= fell 0.9% to
$16.86 per ounce, on course for a gain of about 0.3% this week.
Platinum XPT= inched 0.1% higher to $881.53 per ounce and
was set to register a fall of about 0.6% this week.
Palladium XPD= was down 0.3% at $1,731.85 per ounce, on
course to fall about 0.6% this week.