* Gold may revisit April 4 low of $1,280.59 -analyst
* Silver hits 3-1/2-month lows
* Asian shares near nine-month high (Updates prices)By Sethuraman N RApril 15 (Reuters) - Gold prices fell on Monday to a morethan one-week low as progress in U.S.-China trade talks liftedrisk sentiment, taking the sheen off safe-haven bullion even asthe dollar weakened.Spot gold dipped 0.5 percent to $1,283.65 per ounceby 1245 GMT, having hit $1,283.26, its lowest since April 4.U.S. gold futures fell 0.7 percent to $1,286.90 anounce."Gold has clearly lost the upward trajectory that it was on,trying to find new supportive catalysts. We've seen continuedpositive murmuring on the trade negotiations in recent days.That's obviously a headwind for safe-haven gold," CapitalEconomics analyst Ross Strachan said.
U.S. Treasury Secretary Steven Mnuchin said he hopedU.S.-China trade talks were approaching a final lap. That, combined with strong Chinese export and euro zoneindustrial production data on Friday, has lifted globalequities, bund yields and the euro. "The continued positiveness coming out of equity markets isacting as a drag on gold prices as people have liquidated theirpositions," Strachan said.Gold fell below $1,300 last week and that was seen as anegative bias in charts used by technical traders, analysts andtraders said.
The metal may now revisit its April 4 low of $1,280.59 perounce, Reuters technical analyst Wang Tao said. "Gold is trading directly on the technically important100-day moving average at $1,288 per troy ounce. This line hasheld firm several times in the past two weeks," Commerzbankanalysts said in a research note.
"However, if gold were to dip below it this time technicalfollow-up selling would probably ensue, exerting furtherpressure on the price."
A stronger U.S. economic picture of late has also dampenedthe appeal of the non-yielding metal, with U.S. reports onFriday showing import prices surpassed expectations and consumersentiment seen stabilising. In other metals, increased inflows were observed intoplatinum, while palladium saw outflows for a seventh consecutiveweek, analysts at Societe Generale wrote in a note.Spot platinum fell 1.1 percent to $876.30 per ounceand palladium fell 0.7 percent to $1,362.24 per ounce.Silver was 0.6 percent lower at $14.86 an ounce,after touching its lowest since Dec. 26 at $14.82 (Reporting by Nallur Sethuraman in Bengaluru; Editing by DaleHudson, Kirsten Donovan)
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