Dec 1 (Reuters) - Gold was little changed on Thursday after dipping to its lowest since February in the previous session, with the dollar holding around 9-month highs against the yen after a rally in oil prices.
FUNDAMENTALS
* Spot gold XAU= was mostly unchanged at $1,172.24 an ounce by 0046 GMT. The metal hit its lowest since Feb. 8 at $1,170.35 in the previous session.
* U.S. gold futures GCcv1 were flat at $1,170.90 per ounce.
* The U.S. dollar was broadly firm, hitting 9-1/2 month highs against the yen as oil prices surged after OPEC agreed to output cuts - lifting inflation expectations and U.S. bond yields. USD/
* U.S. private employers stepped up hiring in November and consumer spending increased last month, the latest signs of economic strength that could further cement the case for an interest rate hike from the Federal Reserve next month. With the U.S. economy making good progress toward full employment and inflation heading toward the Fed's 2-percent goal, it is time for an interest-rate increase, Dallas Fed Bank President Robert Kaplan suggested on Wednesday. The post-election enthusiasm for U.S. stock funds is waning, while a strong dollar helped push commodity funds to their largest withdrawals in more than three years, Investment Company Institute data showed on Wednesday. Global investors raised their bond exposure and held cash at high levels in November, citing uncertainty around U.S. President-elect Donald Trump's plans and worries about political risk in Europe, a Reuters monthly poll showed on Wednesday. Trump's victory in the U.S. presidential election has increased the threats to the world economy from higher interest rates and less trade, the Bank of England said on Wednesday. Euro zone inflation hit a 31-month high in November, data showed on Wednesday, providing modest relief for the European Central Bank ahead of an interest rate decision next week as price growth finally ticks up after years of flirting with deflation. SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.13 percent to 883.86 tonnes on Wednesday from 885.04 tonnes on Tuesday. GOL/ETF
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DATA AHEAD (GMT)
0900 Euro Zone Markit Mfg Final PMI
Nov
1000 Euro Zone Unemployment rate
Oct
1000 Italy
GDP final
Q3 1230 U.S.
Challenger layoffs
Nov
1330 U.S.
Initial jobless claims weekly
1445 U.S.
Markit Mfg PMI Final
Nov
1500 U.S.
Construction spending
Oct
1500 U.S.
ISM Manufacturing PMI
Nov 1830 U.S.
Domestic car sales
Nov