August 5, 2013 / 12:47 AM / 4 years ago

PRECIOUS-Gold steady as weak U.S. jobs data supports

SINGAPORE, Aug 5 (Reuters) - Gold held steady on Monday,
retaining the previous sessions gains after softer-than-expected
U.S. nonfarm payroll data eased fears of an imminent scale-back
of the Federal Reserve's stimulus measures.
    
    FUNDAMENTALS
    * Spot gold was trading 0.04 percent higher at
$1,312.06 an ounce by 0021 GMT, while U.S. gold gained
about $2 to $1,312.20.
    * Gold fell below $1,300 on Friday after encouraging U.S.
gross domestic product and factory activity data, but rebounded
sharply after the jobs report to end the session higher. 
    * Data from the U.S. Labor Department on Friday showed that
the number of jobs outside the farming sector increased by
162,000 last month, the smallest gain in four months and below
analysts' expectations. 
    * A top Fed official said on Friday the U.S. economy was
improving modestly but needs to gather more steam, while
cautioning that the central bank ought to wait for more evidence
of an upturn before tapering bond purchases. 
    * Hedge funds and money managers trimmed their gold net
longs and raised their bullish position in silver futures and
options, a report by the Commodity Futures Trading Commission
showed on Friday. 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.26 percent to
918.64 tonnes on Friday. 
    * Canada's Eldorado Gold Corp  reported a
decline in second-quarter profit on Friday despite a big
increase in production, as the price of gold fell, and the
company revised its dividend policy. 
    * For the top stories on metals and other news, click
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    MARKET NEWS
    * The U.S. dollar remained on the backfoot after the
payrolls report was seen making the Fed more cautious about
drawing down its stimulus programme. 
    
    DATA/EVENTS (GMT) 
    0753 Germany Services PMI 
    0758 Euro zone Markit Services PMI 
    0830 Euro zone Sentix index 
    0900 Euro zone Retail sales 
    1400 U.S. ISM Non-manufacturing PMI 
    1400 U.S. Employment trend index 
    
 Precious metals prices 0021 GMT
 Metal             Last    Change  Pct chg  YTD pct chg    Volume
 Spot Gold        1312.06    0.56   +0.04    -21.65
 Spot Silver        19.86   -0.04   -0.20    -34.41
 Spot Platinum    1444.50   -0.25   -0.02     -5.90
 Spot Palladium    728.22   -1.28   -0.18      5.23
 COMEX GOLD DEC3  1312.20    1.70   +0.13    -21.70         1830
 COMEX SILVER SEP3  19.85   -0.06   -0.31    -34.50          403
 Euro/Dollar       1.3274
 Dollar/Yen         98.91
 
 COMEX gold and silver contracts show the most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Richard Pullin)

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