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PRECIOUS-Gold steady near 7-week highs ahead of U.S. jobs data
August 4, 2017 / 4:40 AM / 3 months ago

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

    * Spot gold may test support at $1,264/oz -technicals
    * U.S. election investigation helping to support gold
    * Investors await U.S. nonfarm payroll data at 1230 GMT

 (Updates prices)
    By Nithin ThomasPrasad
    Aug 4 (Reuters) - Gold held steady on Friday, close to a
seven-week high hit earlier this week, as the dollar eased to
hover near multi-month lows ahead of monthly U.S. nonfarm
payrolls data due later and amid continuing U.S. political
uncertainty. 
     Spot gold        had risen 0.1 percent to $1,268.80 per
ounce by 0647 GMT. It was on track to end the week almost
unchanged.    
    U.S. gold futures         for December delivery climbed 0.1
percent to $1,275.30 per ounce.
    "Investors are cautious ahead of the data that's coming out
of the U.S. on Friday and that is why it's been a bit quiet,"
said Brian Lan, managing director at gold dealer GoldSilver
Central in Singapore. 
    Markets are now awaiting July's employment report, due later
in the session, for clues on whether it will impact the timing
of the U.S. Federal Reserve's policy tightening.                
 
    "The dollar weakening on news of developments in the ongoing
U.S. elections investigations also assisted gold quite a bit,"
Lan said. 
    U.S. Special Counsel Robert Mueller has convened a grand
jury investigation in Washington to examine allegations of
Russian interference in last year's vote and has started issuing
subpoenas, sources familiar with the situation said on Thursday.
             
    The Republican Party's repeated failures to overhaul the
healthcare system and multiple congressional and federal
investigations into President Donald Trump's campaign have cast
a shadow over his first six months in office. 
    The dollar index       , which tracks the greenback against
a basket of six major peers, languished near 15-month lows hit
earlier this week.            
    "We expect gold to trade entirely on the nuances of the U.S.
dollar ahead of the data," said Jeffrey Halley, senior market
analyst at OANDA.        
    Spot gold may test support at $1,264 per ounce, a break
below which could cause a further loss to the next support at
$1,258, according to Reuters technical analyst, Wang Tao. 
    Among other precious metals, silver        rose 0.4 percent
to $16.68 per ounce, after falling to a one-week low in the
previous session. 
    Platinum        climbed 0.3 percent to $963.49 per ounce and
was on track to gain more than 3.5 percent this week. It matched
its June 6 high of $967.50 an ounce during the session, the
strongest level since late April.
    Palladium        was steady around $885 per ounce, up less
than 1 percent this week. 

 (Reporting by Nithin Prasad and Arpan Varghese in BENGALURU;
Editing by Joseph Radford and Tom Hogue)
  

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