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* SPDR gold holdings at lowest since Oct. 11
* Asian shares slightly above five-week low (Updates prices)
May 7 (Reuters) - Gold prices rose on Tuesday as U.S. President Donald Trump's threat to hike tariffs on Chinese imports rekindled trade tensions between the two economies and pushed investors to seek insurance in safe-haven assets.
Spot gold was up 0.2 percent at $1,283.41 per ounce, as of 0731 GMT.
U.S. gold futures were up 0.1 percent to $1,284.50 an ounce.
On Sunday, self proclaimed "tariff-man" Trump warned of a tariff hike on Chinese goods, marking a drastic change in stance from the previous week where he lauded progress made between the two countries regarding trade.
Risk sentiment faced a blow from Trump's tariff threat with fragile Asian shares providing impetus to gold, which is used by investors to hedge against economic and political instability.
"There are significant catalysts for gold with the escalations on the trade-war front yesterday, but it is surprising we have not seen a significant follow through," said Stephen Innes, head of trading and market strategy, SPI Asset Management.
Adding to global anxiety, the Trump administration is deploying a carrier strike group and bombers to the Middle East in response to troubling "indications and warnings" from Iran, widening the rift between the two countries.
"Some are also focusing on the tensions in the Middle East and the two catalysts are sufficient enough to hold prices but there is a general reluctance to push prices higher over $1,285," Innes added.
A faction of the market still expect the United States and China to find common ground and believe that Trump's tariff threat is likely a negotiation tactic.
"Gold did not deliver a substantial gain following the Trump tariff threat and (gold) markets may see bearish momentum accelerate if we do see a positive outcome with the talks in Washington this week," OANDA senior market analyst Edward Moya said in a note.
Adding to expectations, China's commerce ministry confirmed on Tuesday that Vice Premier Liu He will visit the United States on May 9 and May 10 for bilateral trade talks at the invitation of senior U.S. officials.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, continued a dismal run, falling 0.16 percent to 739.64 tonnes on Monday, its lowest since Oct. 11.
Silver rose 0.2 percent to $14.94 an ounce, while platinum gained 1.2 percent to $883.34.
Palladium climbed 0.9 percent to $1,349.11 an ounce. (Reporting by Arijit Bose in Bengaluru; editing by Uttaresh.V and Rashmi Aich)