SINGAPORE, Dec 7 Gold nudged higher on Friday,
extending gains from the previous session when bullion was
boosted by prospects of future interest cuts by the European
Central Bank, but the precious metal was headed for its second
straight week of decline.
* Spot gold inched up 0.2 percent to $1,701.56 an
ounce by 0029 GMT, on course for a 0.8-percent loss for the week
in its second weekly drop.
* U.S. gold was little changed at $1,701.20.
* The euro zone economy is likely to further shrink in 2013,
the European Central Bank predicted on Thursday, sharply
downgrading its outlook after holding interest rates at a record
low 0.75 percent. Expectations are building for the ECB to cut
rates in face of another contraction in the economy.
* The number of Americans filing new claims for unemployment
benefits last week fell back to the pre-superstorm Sandy range,
suggesting a return to modest job growth after a storm-related
* Investors are waiting for the key monthly U.S. non-farm
payrolls data, due at 1330 GMT, which is likely to show a sharp
drop in job growth in November as superstorm Sandy disrupted
economic activity. The unemployment rate is seen holding steady
at 7.9 percent.
* With little to show after a month of posturing, the White
House and Republicans in Congress dropped hints on Thursday that
they had resumed low-level private talks on breaking the
stalemate over the "fiscal cliff" but refused to divulge
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* U.S. stocks closed modestly higher on Thursday, a day
ahead of the key monthly jobs report, as a rebound in shares of
Apple helped boost technology shares.
* The euro languished at one-week lows against the greenback
on Friday, having suffered a major setback after the European
Central Bank painted a bleak outlook for the euro zone and
discussed cutting interest rates.
1100 Germany Industrial output Oct
1330 U.S. Employment report Nov
1455 U.S. TR/Univ of Michigan consumer sentiment
1930 U.S. CFTC commitment of traders data
2000 U.S. Consumer credit Oct
Precious metals prices 0029 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1701.56 2.94 +0.17 8.81
Spot Silver 33.01 0.03 +0.09 19.21
Spot Platinum 1594.50 2.00 +0.13 14.47
Spot Palladium 689.30 -0.70 -0.10 5.64
COMEX GOLD DEC2 1701.20 -0.60 -0.04 8.58 1704
COMEX SILVER MAR3 33.09 -0.03 -0.09 18.52 355
COMEX gold and silver contracts show the most active months
(Reporting by Rujun Shen; Editing by Ed Davies)