PRECIOUS-Gold prices ease as improved risk appetite weighs

* Spot gold to test support at $1,497/oz - technicals
* Speculators raise bullish COMEX gold, silver bets - CFTC

(Adds comment, updates prices)
By Eileen Soreng
Sept 9 (Reuters) - Gold prices inched lower on Monday as
equities rose, but policy easing expectations by major central
banks gathered momentum, amid soft economic data, which kept
prices steady over the psychological level of $1,500.
Spot gold XAU= eased 0.1% to $1,505.20 per ounce, as of
0739 GMT, having fallen nearly 1% in the previous session. U.S.
gold futures GCv1 also dipped 0.1% to $1,514.1 an ounce.
"The renewed global risk appetite has spurred some weakness
in safe-haven assets," said Phillip Futures analyst Benjamin Lu.
"We are seeing short-term weakness (in gold prices), but in
the long term the trajectory is still bullish."
Global equity markets received a lift after China's central
bank said on Friday it was reducing how much cash banks must
hold in reserve, releasing liquidity to shore up an economy
slowed by the Sino-U.S. trade conflict. MKTS/GLOB
Data on Sunday showed China's exports unexpectedly fell in
August as shipments to the United States plummeted, pointing to
further weakness in the world's second-biggest economy and
underlining the need for more stimulus. Risk sentiment was also supported by comments from Federal
Reserve Chair Jerome Powell that the U.S. central bank would
continue to act "as appropriate" to sustain the economic
expansion. Powell's comments and a mixed U.S. employment report firmed
market expectations that the Fed would cut interest rates at its
meeting later this month.
Data from the Labor Department on Friday showed U.S. job
growth slowed more than expected in August, but strong wage
gains should support consumer spending and keep the economy
expanding moderately. U.S. non-farm payrolls numbers underscores the economic
fragility in the world's largest economy, Howie Lee, economist
at OCBC Bank said in a note.
"With the ECB and Fed primed to further ease monetary
conditions this month, it is unlikely gold will dip below
$1,500/oz in the short-term."
Lower interest rates reduce the opportunity cost of holding
non-yielding bullion.
Hedge funds and money managers hiked their bullish positions
in COMEX gold and silver contracts in the week to Sept. 3, the
U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
Spot gold is expected to test a support at $1,497 per ounce,
a break below which could cause a further fall to $1,453,
according to Reuters technical analyst Wang Tao.
Meanwhile, spot silver XAG= dipped 0.8% to $18.01 per
ounce.
Spot platinum XPT= eased 0.1% to $948.87 an ounce, while
palladium XPD= rose 0.4% to $1,537.66.