PRECIOUS-Gold inches up ahead of US jobs report
SINGAPORE, July 6 (Reuters) - Gold inched up on Friday, on course for a second straight week of gains, as investors await the all-important U.S. June employment report to gauge the health of the world's top economy for trading cues. FUNDAMENTALS * Spot gold crept up 0.1 percent to $1,606.10 an ounce by 0037 GMT, on course for a weekly rise of half a percent. * U.S. gold futures contract for August delivery edged down 0.2 percent to $1,606.70. * The European Central Bank cut interest rates to a record low on Thursday, as widely expected, to breathe life into a deteriorating euro zone economy but steered clear of more dramatic measures such as buying government bonds or flooding banks with fresh liquidity. * China's central bank cut interest rates for the second time in a matter of weeks on Thursday, stepping up efforts to bolster an economy that last quarter probably suffered its weakest growth since the global financial crisis. * The Bank of England, whose rates are already at a record low 0.5 percent, said it would restart its printing presses and buy 50 billion pounds ($78 billion) of assets with newly created money to help the economy out of recession. [ID:ID:nL6E8I55W6] * All eyes are on the U.S. non-farm payrolls data due later in the day. Economists polled by Reuters expected employers to have added 90,000 new workers in June, compared to a one-year low of 69,000 jobs in May. * Thursday's data showed that U.S private employers stepped up hiring in June and the number of Americans filing new claims for jobless benefits last week fell by the most in two months, hopeful signs for the struggling labour market. * For the top stories on metals and other news, click , or MARKET NEWS * The euro struggled at five-week lows on the greenback and life-time troughs against commodity currencies like the Australian dollar on Friday as markets were underwhelmed by the European Central Bank's latest attempt to bolster the region's economy. * U.S. stocks edged down on Thursday as economic stimulus measures by major central banks failed to excite investors before a U.S. jobs report expected to show tepid growth. DATA/EVENTS 1000 Germany Industrial output mm May 1230 U.S. Non-farm payrolls June PRICES Precious metals prices 0037 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1606.10 1.77 +0.11 2.70 Spot Silver 27.75 0.09 +0.33 0.22 Spot Platinum 1469.25 0.07 +0.00 5.47 Spot Palladium 584.75 3.97 +0.68 -10.38 COMEX GOLD AUG2 1606.70 -2.70 -0.17 2.55 2127 COMEX SILVER SEP2 27.74 0.07 +0.25 -0.63 708 Euro/Dollar 1.2386 Dollar/Yen 79.93 COMEX gold and silver contracts show the most active months (Reporting by Rujun Shen; Editing by Eric Meijer)
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
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