May 14 (Reuters) - Gold prices edged higher on Thursday, supported by a weaker dollar, as investors focused on talks between U.S. President Donald Trump and Chinese President Xi Jinping.

By 0045 GMT, spot gold had risen 0.3 percent to $4,699.87 an ounce. U.S. gold futures for June delivery were steady at $4,706.90.

Trump plans to hold a series of meetings with Xi in Beijing with the aim of securing economic gains, maintaining a fragile trade truce, and discussing thorny issues such as the Iran war.

The dollar weakened, making gold, which is priced in US dollars, cheaper for holders of other currencies.

US producer prices posted their biggest increase in four years in April, driven by higher costs for goods and services, in the latest sign of accelerating inflation amid the Middle East conflict.

The US Senate approved the appointment of Kevin Warsh as chairman of the Federal Reserve at a time when the US central bank is facing rising inflation that could make it difficult to cut interest rates as Trump has demanded.

Boston Federal Reserve President Susan Collins told the Wall Street Journal that she expects inflationary pressures stemming from the war with Iran to eventually subside, and that the current shock has obscured evidence that core inflation is still trending downward.

As for other precious metals, silver fell 0.4 percent to $87.64 an ounce in spot trading. Platinum rose 0.7 percent to $2,151.38 and palladium gained 0.4 percent to $1,506.19.