PRECIOUS-Gold steady ahead of US jobs data, on track for weekly gain

Fri Nov 2, 2012 6:15am IST

SINGAPORE, Nov 2 (Reuters) - Gold traded little changed on
Friday, remaining on track to snap three weeks of losses, with
investors waiting for a key U.S. employment report later in the
day for further clues on the health of the world's top economy.
    
    FUNDAMENTALS
    * Spot gold was little changed at $1,715.59 an ounce
by 0026 GMT, on course for a slight weekly rise of 0.3 percent.
    * U.S. gold was also barely moved at $1,716.40.
    * All eyes are on the U.S. nonfarm payrolls data, which is
expected to show a pickup in job growth, although the
unemployment rate may tick up from a near four-year low.
 
    * It follows figures that showed U.S. companies added jobs
in October at the fastest pace in eight months, a sign of modest
healing in the labour market just days before a presidential
election that could hinge on the economy. 
    * Other data showed a drop in new claims for jobless
benefits, a sharp improvement in consumer confidence, while
there were mixed signals regarding the health of U.S.
manufacturing.
    * South Africa's platinum industry is in "severe financial
distress" and high wage settlements to get wildcat strikers back
to work will lead to job cuts, Anglo American Platinum 
said. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * The S&P 500 scored its best day in seven weeks on Thursday
as bullish consumer confidence and private-sector jobs data gave
investors reason to cheer following superstorm Sandy's
devastating sweep through the U.S. Northeast. 
    * The safe-haven yen stayed under pressure on Friday, while
commodity currencies held solid gains as investors bet on an
upbeat U.S. payrolls report after private employers added jobs
at the fastest pace in eight months. 
    
    DATA/EVENTS
 0843 Italy     Markit/ADACI Mfg PMI Oct                    
 0853 Germany   Markit/BME Mfg PMI Oct                      
 0858 Euro zone Markit Mfg PMI Oct                          
 1230 U.S.      Non-farm payrolls Oct                       
 1400 U.S.      Durable goods orders Sep                    
 1930 U.S.      CFTC commitment of traders data            
 
    PRICES
    
  Precious metals prices 0026 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1715.49    1.40   +0.08      9.70
  Spot Silver        32.30    0.07   +0.22     16.65
  Spot Platinum    1564.24   -0.26   -0.02     12.29
  Spot Palladium    606.00   -5.00   -0.82     -7.13
  COMEX GOLD DEC2  1716.40    0.90   +0.05      9.55         1328
  COMEX SILVER DEC2  32.32    0.07   +0.22     15.78          225
  Euro/Dollar       1.2931
  Dollar/Yen         80.23
 
  COMEX gold and silver contracts show the most active months
 
    
    

 (Reporting by Rujun Shen; Editing by Joseph Radford)
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