PRECIOUS-Gold inches up as markets await cues on trade deal

* Signing venue for U.S-China "phase one" trade deal not
fixed
* Holdings in SPDR Gold Trust rose 0.13% on Tuesday

(Updates prices, adds comment)
By Sumita Layek
Nov 6 (Reuters) - Gold prices inched higher on Wednesday as
investors were cautious in anticipation of a trade deal between
the United States and China, while concerns over global economic
growth supported the safe-haven bullion.
Spot gold XAU= rose 0.1% to $1,485.25 per ounce at 0742
GMT. On Tuesday, prices registered their biggest one-day
percentage drop since late-September at 1.7%.
U.S. gold futures GCv1 were up 0.2% at $1,486.90.
"We are not very bearish on gold prices as there are
concerns over global economic growth. Economic data from the
U.S., China and the European Union is not very strong ... this
short-term pullback is just a technical retracement," said Ajay
Kedia, director at Kedia Advisory in Mumbai.
The protracted trade war between the United States and China
has roiled financial markets and raised fears of a global
economic slowdown, helping the safe-haven bullion to rise more
than 15% this year.
Optimism that Washington and Beijing are working to narrow
their differences enough to sign a "phase one" trade deal as
early as this month has boosted risk sentiment in financial
markets and weighed on gold in the past two sessions.

However, the venue for signing the deal was not yet
finalised.
"(Trade talks) are unpredictable, as long as the deal is not
complete and in paper it is closed, uncertainty is going to be
there, because by now we have seen them starting talks and
stopping mid way several times," Kedia said.
Asian shares fell for the first time in four trading
sessions as some investors started to temper their optimism in
the absence of concrete progress in negotiations between the
world's two-largest economies on scaling back their bruising
trade war. MKTS/GLOB
The dollar index eased against major currencies .DXY ,
making bullion cheaper for non-U.S. investors. USD/
U.S. data on Tuesday showed better-than-expected ISM
non-manufacturing data for October and eased some fears of
global economic slowdown. "Should gold finally break the $1,480.00 region
convincingly, we may see some long position liquidation," said
OANDA analyst Jeffrey Halley in a note.
Holdings in the world's largest gold-backed exchange-traded
fund SPDR Gold Trust GLD , rose 0.13% to 915.85 tonnes on
Tuesday. GOL/ETF
Among other metals, silver XAG= fell 0.2 % to $17.54 per
ounce, while platinum XPT= was down 0.5 % at $924.52 per
ounce. Palladium XPD= inched 0.4% lower to $1,771.54 per
ounce.