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Gold slipped on Friday as investors locked in profits and equities recovered, but fears over a global economic slowdown and a lack of clarity on the US-China trade war kept the metal on track for its third consecutive weekly gain.

Spot gold was down 0.6pc at $1,513.80 per ounce as of 0729 GMT, but is up 1.2pc so far this week after rising in the previous two weeks.

US gold futures dipped 0.3pc to $1,525.50 an ounce.

Limiting gold's momentum, global financial markets regained footing on Friday, as China hinted at more support for its economy, amid growing expectations of aggressive stimulus from all the major central banks.

"Gold is consolidating here. The important consideration is that none of the headwinds have gone away; the tariffs got delayed a bit, but the underlying trade war remains and lower yields are supportive for gold," said Ilya Spivak, senior currency strategist with DailyFx.

"Markets are looking ahead for the Jackson Hole symposium. In context of recent gains that might give us some corrective pullbacks, as people reduce risk exposure before events."

US President Donald Trump said on Thursday he believed China wanted to make a trade deal and that the dispute would be fairly short.

This comes after Beijing vowed to counter the latest tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal.

Earlier this week, 10-year Treasury yields dropped below the 2-year yield for the first time in 12 years. Curve inversion is widely considered a warning that the economy is headed for recession.

Bullion has risen more than $100, since the beginning of the month amid the heightened trade tensions and a slew of disappointing economic data globally.

"The yellow metal continues to benefit from safe-haven inflows, which should ensure that any pullbacks are limited ahead of the weekend," OANDA analyst Jeffrey Halley, said in a note.

Investors will shift their focus to the Federal Reserve's annual symposium next week. Traders see about a one-in-three chance of a 50 basis-point rate cut by the Fed this September.

Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar.

However, the dollar index edged higher on Friday and was on course for a weekly gain.

On the technical side, spot gold may fall into a range of $1,483-$1,503 per ounce, as suggested by its wave pattern and a retracement analysis, said Reuters technical analyst Wang Tao.

Elsewhere, silver slipped 0.7pc at $17.15 per ounce but was on track for a second consecutive weekly gain.

Platinum fell 0.3pc to $836.36 an ounce, while palladium rose 0.3pc to $1,448.52 an ounce.

Copyright Reuters, 2019