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PRECIOUS-Gold hits highest in over six weeks as U.S. jobs data disappoints
June 5, 2017 / 1:41 AM / 6 months ago

PRECIOUS-Gold hits highest in over six weeks as U.S. jobs data disappoints

    June 5 (Reuters) - Gold held steady after hitting its
highest in over six weeks earlier on Monday, buoyed as a
disappointing U.S. jobs report appeared to dilute the prospects
for an aggressive string of interest rate hikes in the United
States.
    
    FUNDAMENTALS    
    * Spot gold        had risen 0.1 percent, to $1,281.40 per
ounce by 0115 GMT. It hit a peak of $1,281.86 an ounce early in
the session, its strongest since April 21. 
    * U.S. gold futures         for August delivery rose 0.3
percent to $1,283.4 an ounce.  
    * Palladium        on Monday matched its June 2 high of
$843.10 an ounce, which was the metal's strongest since
September 2014.  
    * The dollar index, which tracks the greenback against a
basket of six major currencies, was flat in early Asian trading
but not far from Friday's nadir of 96.654, its lowest since Nov.
9.       
    * U.S. job growth slowed in May and employment gains in the
prior two months were not as strong as previously reported,
suggesting the labor market was losing momentum despite the
unemployment rate falling to a 16-year low of 4.3 percent.
            
    * Wall Street's top banks are united in the belief the
Federal Reserve will raise U.S. interest rates when it meets in
two weeks' time, but recent choppy data on the U.S. economy has
created a division of opinion about what happens after that, a
Reuters poll showed on Friday.             
    * Philadelphia Fed President Patrick Harker said on Friday
that the U.S. central bank remains on track to meet its
inflation goal and reiterated his support for a further two
interest rate increases this year.             
    * After a militant attack on a nightlife district of London
this weekend, British Prime Minister Theresa May will resume
campaigning on Monday just three days before a national election
which polls show is much tighter than previously predicted.
            
    * Hedge funds and money managers raised their net long
position in COMEX gold for the second straight week, hitting the
highest level in nearly a month, and also raised it in silver,
U.S. Commodity Futures Trading Commission data showed on Friday.
            
    * Holdings in SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, rose 0.42 percent to 851.00
tonnes on Friday.          
                    
    DATA AHEAD (GMT)     
    0800  Euro Zone  Markit Ser Final PMI       May 
    1230  U.S.  Labor Costs Revised Rev          Q1 
    1230  U.S.  Productivity Revised Rev         Q1 
    1400  U.S.  Markit Comp Final PMI           May
    1400  U.S.  Employment Trends               May
    1400  U.S.  Durable Goods R MM              Apr 
    1400  U.S.  Factory Orders MM               Apr 
    1400  U.S.  ISM N-Mfg PMI                   May 

 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Joseph
Radford)
  

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