(Adds detail, analyst comment, updates prices)
* U.S. consumer confidence data due at 1500 GMT
* Palladium touches highest in three weeks
* GRAPHIC-2019 asset returns: By Eileen SorengNov 26 (Reuters) - Gold was steady on Tuesday as tradersawaited further developments in the trade negotiations betweenthe United States and China while a firm equities market keptbullion near a two-week low hit earlier in the day.Spot gold was steady at $1,454.67 an ounce at 1340GMT. U.S. gold futures edged down 0.2% to $1,454.50."Markets are on standby," said FXTM analyst Lukman Otunuga,adding that everyone is waiting for further developments afternews of a phone call between the two sides in an effort tosecure a so-called Phase 1 deal. China's Vice Premier Liu He, U.S. Trade representativeRobert Lighthizer and U.S. Treasury Secretary Steven Mnuchinheld a phone call on issues related to Phase 1 agreement onTuesday, China's commerce ministry said. Global equities edged off their highest in almost two yearsbut kept record levels in sight after the latest signs of apotential end to the U.S.-China trade war. More trade optimism should be enough to send gold towards$1,430, but if there's more time wasting or investors are leftempty handed, that should elevate gold prices towards$1,465-$1,475, Otunuga added.
Gold earlier touched its lowest since Nov. 12 at $1,451.15,having posted losses in the previous four sessions."We're now back around the $1,440-$1,460 support zone,"OANDA analyst Craig Erlam said in a note. "A break of this wouldbe very significant and could potentially open up a move backtowards the $1,400 area."Investor focus will now turn to U.S. consumer confidencedata due at 1500 GMT.
U.S. Federal Reserve Chair Jerome Powell on Monday said thatofficials had a favourable outlook on the U.S. economy but will"respond accordingly" if economic data leads to a "materialreassessment" of their outlook. The central bank cut interest rates three times this yearbefore pausing. Gold, considered a safe asset in times of political andeconomic uncertainty, has gained more than 13% this year, mainlybecause of the tariff dispute and its impact on global economicgrowth.Elsewhere, China's net gold imports via traditional conduitHong Kong slipped for a second straight month in October, datashowed, dropping to the lowest level since July amid tepiddemand. Among other precious metals, silver was up 0.1% at$16.92 an ounce.Palladium dipped 0.2% to $1,794.18, having earlierhtouched its highest since Nov. 4 at $1,818.54, while platinum gained 0.2% to $898.53. (Reporting by Eileen Soreng in BengaluruEditing by Jan Harvey and David Goodman)
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