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June 5 (Reuters) - Gold prices edged up on Wednesday to stay near a three-month peak touched in the previous session, buoyed as the dollar was weakened by increasing expectations the U.S. Federal Reserve will cut interest rates to counter risks from trade wars.
* Spot gold was up 0.1% at $1,326.03 per ounce as of 0138 GMT, after touching its highest since Feb. 27 at $1,328.98 on Tuesday.
* U.S. gold futures were 0.2% higher at $1331.01 an ounce.
* The dollar was trading close to a more than one-month low touched in the previous session.
* Fed Chair Jerome Powell said the central bank would act "as appropriate" in the face of trade war risks, leaving the door open for a possible rate cut a day after St. Louis Fed President James Bullard said that a rate cut "may be warranted soon."
* Economic data released shortly after the statement also stoked expectations for a rate cut, as new orders for U.S.-made goods fell in April and shipments dropped by the most in two years.
* Lower interest rates would support bullion as they reduce the opportunity cost of holding the non-yielding metal.
* Global stock indexes rallied on Tuesday and U.S. stocks registered their biggest one-day gains in five months, while yields on U.S. Treasuries rose.
* China's commerce ministry on Tuesday urged dialog and negotiation to solve trade differences with the United States.
* Defying increasing criticism from within his own party, U.S. President Donald Trump said on Tuesday he would likely go ahead with new tariffs on imports from Mexico to pressure it to clamp down on rising numbers of migrants entering the United States.
* India's gold imports in May jumped 49% from a year earlier to 116 tonnes as a correction in local prices during a key festival boosted retail demand, a government source said on Tuesday.
* Chinese President Xi Jinping said the country's economy is stable, healthy and well placed to meet all risks and challenges, according to a transcript published by the Xinhua news agency. DATA AHEAD (GMT)
* 0800 EU Markit composite final PMI (May)
* 1400 U.S. ISM Non-manufacturing PMI (May)
* 1800 U.S. Federal Reserve issues the Beige Book of economic condition (Reporting by Brijesh Patel in Bengaluru; Editing by Joseph Radford)