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PRECIOUS-Gold retreats as dollar gains; all eyes on Powell speech

    * Dollar gains, global stocks steady
    * U.S. consumer confidence hits six-year low 
    * Interactive graphic tracking global spread of coronavirus:
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tmsnrt.rs/3aIRuz7 in an external browser

 (Recasts, adds comments, updates prices)
    By Brijesh Patel
    Aug 26 (Reuters) - Gold fell on Wednesday as the dollar
strengthened, with investors awaiting U.S. Federal Reserve
Chairman Jerome Powell's speech for monetary strategy cues, but
worries over the pandemic-ravaged global economy kept prices
above the $1,900 mark.
    Spot gold        was down 0.5% at $1,918.77 per ounce by
0651 GMT. U.S. gold futures         edged 0.1% higher to
$1,925.30.
    Gold's retreat toward a key support level of $1,910 "is
partly attributed to the U.S. dollar's intra-day rebound, as
traders await Powell's speech", said DailyFx strategist Margaret
Yang. 
    The dollar index        rose 0.2% against rivals, making
gold expensive for other currency holders, with focus on
Powell's speech at Jackson Hole on Thursday, expected to provide
further clarity on the U.S. central bank's view on inflation and
monetary policy.       
    Safe-haven inflows into gold also curbed after top U.S. and
Chinese trade officials reaffirmed their commitment to a Phase 1
trade deal between the world's top two economies.            
    "The U.S.-China trade news overnight that the tensions have
eased slightly has dulled investors appetite for safe-havens a
bit but obviously there is a lot of water to go under that
bridge," ANZ analyst Daniel Hynes said.
    Gold's overall trajectory remained positive, analysts said,
with the metal gaining 27% so far this year as investors seek a
hedge against possible inflation and currency debasement due to
unprecedented money printing by central banks and near-zero
interest rates globally.
    "There are still a lot of concerns about the economy and
they continue to indicate that rates are going be low and
stimulus measures will continue, which should boost gold," Hynes
added.
    Adding to doubts over an economic rebound from the
coronavirus crisis, a survey from the Conference Board showed
U.S. consumer confidence unexpectedly hit a six-year low in
August.             
    Silver        fell 0.3% to $26.33 per ounce, platinum       
dropped 0.4% to $922.99, while palladium        gained 0.6% to
$2,178.14.

 (Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi
Aich)
  
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