*

Markets eye dovish tilt at Fed as Miran nominated

*

Gold futures gain on uncertainty over U.S. tariff

*

Oil prices fall on report of U.S.-Russia truce deal

(Updated at 2:09 p.m. ET (1809 GMT)

By Chris Prentice and Amanda Cooper

NEW YORK/LONDON, Aug 8 (Reuters) - Global equities rose

on Friday as investors clung to the view that U.S. interest

rates may fall further this year, with European shares posting

their biggest weekly gain in 12 weeks on strength from banking

stocks.

U.S. gold futures hit a record high on uncertainty over

whether country-specific U.S. import tariffs would apply to the

most commonly traded sizes of gold bars.

Investors watched for signs of a potential Russia-Ukraine

ceasefire after a report that the United States and Russia are

aiming to reach a deal to halt the war in Ukraine.

Expectations of a potential truce weighed on oil prices,

which also were under pressure from a tariff-hit economic

outlook.

President Donald Trump on Thursday moved to reshape the U.S.

central bank, nominating Council of Economic Advisers' Chair

Stephen Miran for a short-term board seat after Adriana Kugler's

abrupt exit.

Miran holds similar views to Trump, who has berated Powell

for being "too late" in cutting rates, even though growth is

holding up and inflation is ticking higher.

"It locks in a vote for rate cuts at all the meetings

between now and the end of January," said Ray Attrill, head of

FX strategy at National Australia Bank ( NAUBF ) in Sydney.

"Markets are already travelling with a very strong

expectation that there will be a rate cut," he added. "Though

there's a question mark over whether he'll succeed in

ratification in time for the September meeting."

Bloomberg News reported that Fed Governor Christopher Waller

was emerging as a leading contender for the chair.

MSCI's gauge of stocks across the globe

rose 0.61%, nearing a record high struck two weeks ago.

On Wall Street, the Dow Jones Industrial Average rose

0.56% to 44,216.64, the S&P 500 gained 0.84% to 6,393.37

and the Nasdaq Composite jumped 1.01% to 21,458.14.

The pan-European STOXX 600 index rose 0.2% to

finish the week up more than 2% as largely upbeat corporate

results and firming bets of more Fed rate cuts lifted prices

from last week's five-week lows.

Shares also saw a lift from optimism that hefty U.S. tariffs

that kicked in on Thursday would be subject to negotiation.

Zurich's SMI index edged higher as traders continued to

shrug off Switzerland's 39% U.S. tariff coming into effect.

"The effective shock (from tariffs) is there. So the

question now is: How is it going to impact the economy and the

data, and when? Because up to now, up to now, let's be fair,

it's been less severe than most have anticipated," Lombard Odier

economist Samy Chaar said.

Overall tariffs may be lower than many had feared back in

April, but they are at their highest in at least a century.

Relief over lower-than-expected duties may be short-lived as a

result. For instance, the European Union now has a 15% tariff

rather than the 50% that Trump had threatened, Chaar said.

"That's the vulnerability in the market. ... It is focusing

on the good news, which is not getting the 50%, but getting the

15%. And then the problem is that 15% is actually a big shock

and, at some point, it's going to show in the data," he said.

U.S. Treasury yields rose on Friday, with the yield on the

benchmark 10-year note poised for its first weekly gain in three

weeks after a series of weak auctions.

The U.S. Customs and Border Protection service released a

ruling on its website on Friday, which the gold industry

interpreted as meaning that country-specific U.S. import tariffs

could apply to the most-traded sizes of gold bars in the U.S.

December U.S. gold futures settled 1.1% higher at

$3,491.30 per ounce after hitting a record $3,534.10 when the

Financial Times first reported the news.

Spot gold was last up 0.11% to $3,400.69 an ounce.

Among other commodities, Brent oil futures were on

track to fall nearly 5% this week, while WTI was set to finish

down more than 5% from last Friday's close.

The yield on benchmark U.S. 10-year notes rose

3.9 basis points to 4.283%.

The Japanese yen weakened 0.35%.

The dollar index, which measures the greenback

against a basket of currencies including the yen and the euro,

edged up 0.18%, with the euro down 0.05%.

MSCI's broadest index of Asia-Pacific shares outside Japan

closed down 0.63%, while Japan's Nikkei

1.85%.

(Additional reporting by Gregor Stuart Hunter in Singapore and

Nikhil Sharma and Pranav Kashyap in Bengaluru; Editing by Saad

Sayeed, Helen Popper, Richard Chang and Daniel Wallis)