May 12 (Reuters) - Gold prices rose on Tuesday as investors awaited a meeting between U.S. President Donald Trump and Chinese President Xi Jinping while watching developments surrounding the conflict in the Middle East.

FUNDAMENTALS

* Spot gold XAU= rose 0.5% to $4,757.59 per ounce by 0050 GMT.

* U.S. gold futures GCcv1 for June delivery gained 0.8% to $4,768.20.

* U.S. President Donald Trump said on Monday that a ceasefire with Iran was "on life support" after Tehran's response to a U.S. proposal to end the war made clear the two sides were still far apart on a number of issues.

* Markets are also watching Trump's two-day visit to China this week, where he is set to meet Xi to discuss a wide variety of topics including the current conflict in the Middle East.

* Oil prices rose in early Asian trade as negotiations to end the war between the United States and Iran appeared fragile, keeping supply concerns alive. O/R

* Investors are looking out for the U.S. Consumer Price Index (CPI) data, due later in the day, to assess the Federal Reserve's interest rate path moving forward.

* Freeport-McMoRan FCX.N said on Monday it still expects Indonesia's Grasberg copper and gold mine to resume full production by the end of 2027, reiterating a plan outlined last month and pushing back on reports that the restart could drag into 2028.

* Spot silver XAG= rose 0.2% to $86.27 per ounce, platinum XPT= slid 0.2% to $2,127, and palladium XPD= was down 0.2% at $1,506.34.