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PRECIOUS-Gold steady after bleak US jobs data

Published 09/04/2011, 08:42 PM
Updated 09/04/2011, 08:48 PM
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SINGAPORE, Sept 5 (Reuters) - Spot gold edged higher on Monday, retaining its gains from the previous session, when dismal U.S. job data triggered safe-haven buying to boost the precious metal more than 3 percent, and lingering worries about euro zone's debt crisis lent support.

FUNDAMENTALS

* Spot gold inched up 0.1 percent to $1,886.19 an ounce by 0018 GMT, after surging 3.2 percent in the previous session.

* U.S. gold gained 0.6 percent to $1,888.90.

* U.S. employment growth ground to a halt in August, reviving recession fears and piling pressure on both President Barack Obama and the Federal Reserve to provide more stimulus to aid the frail economy.

* The safe-haven interest in gold was underpinned by renewed worries about the euro zone's debt crisis, as Greece and its international lenders interrupted talks on a new aid tranche, and the European Central Bank pressured Italy to control its finances and reform it economy.

* Money managers cut their net long positions in U.S. gold futures and options for a fourth week in a row in the week ended Aug. 30, as bullion prices pulled off an all-time high set a week earlier, data showed on Friday.

* For the top stories on metals and other news, click , or

MARKET NEWS

* The euro fell to fresh three-week lows against the dollar in Asia on Monday, while commodity currencies also came under pressure as worries about the euro zone debt problems and weak U.S. payrolls data hit appetite for riskier assets.

* U.S. stocks tumbled 2 percent on Friday after data showing zero jobs growth in August brought investors face-to-face with the prospect of another recession.

DATA/EVENTS 0753 Germany Markit services PMI August 0758 Euro zone Market services PMI August 0830 Euro zone Sentix index September 0900 Euro zone Retail sales July

PRICES

Precious metals prices 0018 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1886.19 2.39 +0.13 32.88 Spot Silver 43.28 0.09 +0.21 40.25 Spot Platinum 1879.49 1.69 +0.09 6.34 Spot Palladium 774.97 -10.81 -1.38 -3.07 TOCOM Gold 4666.00 140.00 +3.09 25.13 63748 TOCOM Platinum 4689.00 94.00 +2.05 -0.15 5716 TOCOM Silver 106.40 3.80 +3.70 31.36 949 TOCOM Palladium 1935.00 -11.00 -0.57 -7.73 206 COMEX GOLD DEC1 1888.90 12.00 +0.64 32.89 6340 COMEX SILVER DEC1 43.37 0.30 +0.70 40.17 743 Euro/Dollar 1.4147 Dollar/Yen 76.86 TOCOM prices in yen per gram. Spot prices in $ per ounce. COMEX gold and silver contracts show the most active months

(Reporting by Rujun Shen; Editing by Clarence Fernandez)

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