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PRECIOUS-Gold steady near 7-week highs ahead of U.S. jobs data
August 4, 2017 / 1:30 AM / 14 days ago

PRECIOUS-Gold steady near 7-week highs ahead of U.S. jobs data

    Aug 4 - Gold on Friday held steady near seven-week highs hit
earlier this week, as the dollar eased to hover near multi-month
lows ahead of key monthly U.S. non-farm payrolls data later in
the day.    
                
    FUNDAMENTALS    
    * Spot gold        was nearly flat at $1,268.75 per ounce at
0106 GMT.    
    * U.S. gold futures         for December delivery were
mostly unchanged at $1,274.90 per ounce.
    * The dollar index       , which tracks the greenback
against a basket of six major peers, languished near multi-month
lows hit earlier this week.       
    * The number of Americans filing for unemployment benefits
fell last week, pointing to a tightening labour market that
likely keeps the Federal Reserve on course to announce plans
next month to start reducing its massive bond portfolio.
            
    * A grand jury has issued subpoenas in connection with a
June 2016 meeting that included President Donald Trump's son,
his son-in-law and a Russian lawyer, two sources told Reuters on
Thursday, signalling an investigation is gathering pace into
suspected Russian meddling in the 2016 U.S. election.
            
    * A flurry of data in coming weeks should show steady growth
in China in July, though the potential for increased trade
friction with the United States poses a risk to the world's
second-largest economy as it navigates a tighter policy
environment.             
    * The Bank of England kept interest rates at a record low
again on Thursday and cut its forecasts for growth and wages as
it warned that Brexit was weighing on the economy.             
    * China on Thursday welcomed comments by Secretary of State
Rex Tillerson that the United States is not seeking to topple
the North Korean government and would like dialogue with
Pyongyang at some point, saying China had always supported
talks.              
    * The U.S. economy is on track to expand at a 4.0 percent
annualized pace in the third quarter with inventory investment
contributing 1.12 percentage points to growth, the Atlanta Fed's
GDP Now forecast model showed on Thursday.             
    * A gauge of world stocks declined as Wall Street dipped on
Thursday, although European shares rallied, while sterling hit a
nine-month low against the euro after the Bank of England's
policymakers kept interest rates unchanged.            

    
    DATA AHEAD (GMT) 
     0600  Germany  Industrial orders    June 
     1230  U.S.     Nonfarm payrolls     July 
     1230  U.S.     Unemployment rate    July 
     1230  U.S.     International trade  June 
    

 (Reporting by Nithin Prasad in Bengaluru; Editing by Joseph
Radford)
  

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