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PRECIOUS-Gold retakes $1,300 on China tariff retaliation

May 14 (Reuters) - Gold steadied on Tuesday, having recouped the key $1,300-level in the previous session, after Beijing's announcement of a retaliatory tariff-hike to counter Washington rocked risk sentiment, embellishing appetite for safe-haven assets.

FUNDAMENTALS

* Spot gold edged 0.1% higher to $1,301.40 per ounce at 0113 GMT, having touched $1,303.26, its highest in over a month, earlier in the session.

* In the previous session, the metal had risen by about 1.2% to peak at $1,301.10 an ounce.

* U.S. gold futures also inched 0.1% higher to $1,302.40 an ounce.

* China said on Monday it would impose higher tariffs on most U.S. imports on a revised $60 billion target list, hitting back at a tariff hike by Washington on $200 billion of Chinese goods.

U.S. President Donald Trump said he would meet Chinese President Xi Jinping next month as the trade war between the world's two largest economies intensified, sending shivers through global markets.

* Shares in Asia extended losses on Tuesday following sharp falls on Wall Street overnight, the yen strengthened and U.S. Treasury yields ticked lower as the trade war between China and the United States escalated.

* U.S. Treasury yields fell to six-week lows on Monday as investors piled into low-risk assets like gold, following China's plan on retaliatory tariffs.

* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.44% to 736.46 tonnes on Monday from 733.23 tonnes on Friday.

* China raised gold holdings by 11.20 tonnes to 1,885.54 tonnes in March, the International Monetary Fund (IMF) said on Monday.

* Soaring investment demand will create platinum shortages in 2019, while the palladium market will see a deficit for the eighth consecutive year due to robust demand from the auto sector, specialist materials firm Johnson Matthey said.

* Investors have poured cash into bets that platinum prices will revive after a decade of declines, but excess supply is likely to keep a lid on gains.

DATA AHEAD (GMT)

* 0830 UK ILO Unemployment Rate March

* 0830 UK Claimant Count Unem Chng April

* 1230 U.S. Import, Export prices April (Reporting by Arijit Bose in Bengaluru; editing by Uttaresh.V)