July 10, 2017 / 1:16 AM / a month ago

PRECIOUS-Gold holds steady at near four-month lows

    BENGALURU, July 10 (Reuters) - Gold held steady early
Monday, hovering around near four-month lows after stronger than
expected U.S. jobs data indicated that the Federal Reserve would
maintain its stance on monetary tightening.    
    
    FUNDAMENTALS    
    * Spot gold        was nearly flat at $1,213.16 per ounce at
0051 GMT. Gold fell more than 2 percent last week and touched
its lowest since March 15 on Friday.
    * U.S. gold futures         for August delivery rose 0.3
percent to $1,212.80 per ounce.    
    * U.S. job growth surged more than expected in June and
employers increased hours for workers, signs of labor market
strength that could keep the Federal Reserve on course for a
third interest rate hike this year despite sluggish wage gains.
            
    * The U.S. economy continues to churn out jobs and grow at a
steady pace, with investment and consumer confidence both
healthy and only moderate signs of risk in financial markets,
the U.S. Federal Reserve said on Friday.             
    * Asian stocks rallied on Monday, lifted by Wall Street's
strong performance late last week, while the U.S. dollar
extended gains made after much stronger than expected June
employment data.                   
    * Holdings at the SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.63 percent to 835.35
tonnes on Friday from 840.67 tonnes on Thursday.             
    * Hedge funds and money managers in the week to July 3
reduced their net long positions in COMEX gold and silver for a
fourth straight week, U.S. Commodity Futures Trading Commission
(CFTC) data showed on Friday.             
    * The Federal Reserve saw possible risks in the U.S. bond
market that include a jump in long-term Treasury yields and
money market funds selling out of government and agency debt,
according to a central bank report released on Friday.
                
    * Singapore's sovereign wealth fund GIC Pte Ltd, among the
world's biggest investors, said it was turning cautious and
expected returns to slow over the next decade, given high
valuations, uncertainty over monetary policy and modest economic
growth.                 
    
DATA AHEAD (GMT)  
     0130    China      PPI, CPI                     June 
     0600    Germany    Trade data                   May  
     0830    Euro zone  Investor sentiment index     July  
     1900    US         Consumer credit              May 
   

 (Reporting by Nithin Prasad in Bengaluru; Editing by Richard
Pullin)
  

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