(Adds comments, updates prices)
* Gold set for second straight weekly drop
* White House negotiators to meet Chinese President
By Karthika Suresh Namboothiri
Feb 15 - Gold traded in a tight $3 range on Friday as concerns
over an economic slowdown supported prices for the safe-haven metal
and a firm dollar kept a lid on gains.
Investors are also awaiting further developments from ongoing
U.S.-China trade talks before making any big moves.
Spot gold was steady at $1,312.56 per ounce as of 0419 GMT,
while U.S. gold futures were up 0.1 percent at $1,315.40.
"Uncertainties around Brexit and trade talks and
strengthening of the dollar are capping gold prices," said Brian
Lan, managing director at dealer GoldSilver Central in Singapore.
"Until there is resolution to these global concerns we might
see gold prices range bound between $1,305 and $1,326."
The dollar measured against six of its peers was up 0.1 percent
at 97.04, after weakening by 0.12 percent in the previous session.
Two White House negotiators will meet with Chinese President Xi
Jinping later on Friday, but there has been no decision to extend a
U.S. deadline for a deal by March 1, U.S. President Donald Trump's
economic adviser Larry Kudlow said on Thursday.
U.S. tariffs on $200 billion worth of imports from China are
scheduled to rise to 25 percent from 10 percent if the two sides don't
reach a deal by then.
"We are now in a very tight range. People are waiting for
bigger (events) to move the market," said Yuichi Ikemizu, Tokyo
branch manager, ICBC Standard Bank.
Weak U.S. retail sales data will be a good reason for the U.S.
Federal Reserve not to raise interest rates, which is good for gold
prices, he said.
Sombre U.S. retail sales fanned concerns of slowing economic
momentum in the world's largest economy, while an unexpected increase
in the number of Americans filing claims for unemployment benefits
last week and a second straight monthly decline in producer prices in
January dimmed investor sentiment.
Gold had gained 0.5 percent in the previous session, its biggest
intraday gain since Jan. 30, as weak U.S. economic data increased
expectations that the U.S. Federal Reserve would stick to its dovish
stance on monetary policy.
Outside of the United States, British Prime Minister Theresa May
suffered another defeat on her Brexit strategy on Thursday, adding to
worries that the United Kingdom is on course to leave the European
Union on March 29 without a deal.
In other precious metals, palladium was unchanged at $1,415.00
per ounce. The metal was still on track for a second consecutive
weekly gain, up about 0.7 percent so far.
Platinum fell 0.8 percent to $779.50 an ounce, while silver
slipped fell 0.3 percent to $15.57, and almost 2 percent this week.
(Reporting by Karthika Suresh Namboothiri; Additional reporting by
Swati Verma in BENGALURU; Editing by Tom Hogue)
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