(Updates prices)
* Gold up more than 1% so far this week
* U.S. nonfarm payrolls due at 1230 GMT
* Payrolls forecast to fall 22 million in April
* For an interactive graphic tracking the global spread, open https://tmsnrt.rs/3aIRuz7 in an external browser
By Brijesh Patel
May 8 (Reuters) - Gold hit a near two-week high on Friday as investors awaited U.S. nonfarm payrolls data for pointers on the U.S. economy after a batch of weak economic indicators boosted hopes of more stimulus from the Federal Reserve.
Spot gold XAU= was steady at $1,717.52 per ounce by 1202 GMT after hitting its highest since April 27 at $1,722.56. Bullion has risen more than 1% so far this week.
U.S. gold futures GCv1 rose 0.1% to $1,727.70.
"Gold market is steady ahead of nonfarm payroll report today. Overall, initial jobless claims data and the ADP (NASDAQ:ADP) employment numbers disappointed the market and gold prices spiked," said Jigar Trivedi, commodities analyst at Anand Rathi Shares and Stock Brokers in Mumbai.
"Also, there are expectations of negative interest rates from the U.S. Federal Reserve and another round of stimulus measures supporting gold prices."
Gold jumped as much as 2.1% last session after poor economic readings out of the United States intensified concerns about global economic growth amid tensions between China and U.S. over the coronavirus crisis.
Millions more Americans sought unemployment benefits last week, with the total number of people who have filed claims since March 21 rising to about 33.5 million. nonfarm payrolls data, due at 1230 GMT, are expected to show the U.S. economy lost 22 million jobs in April and that the unemployment rate jumped to 16% as people stayed home to halt the spread of the coronavirus. funds futures 0#FF: priced in negative U.S. interest rates for the first time on Thursday, while the Bank of England kept the door open for more stimulus next month. U.S. interest rates put pressure on the dollar and bond yields, increasing the appeal of non-yielding bullion.
The dollar index .DXY fell 0.2%, while U.S. Treasury yields slipped from three-week highs, with the two-year yields dropping to record lows. USD/ US/
"Gold seems like it is ready to run higher as disastrous economic data will likely only lead to further global monetary easing," Edward Moya, a senior market analyst at broker OANDA, said in a note.
Central banks around the world have cut interest rates, unveiled unprecedented amounts of stimulus to limit economic damage caused by the coronavirus, which has infected more than 3.86 million people globally. XPD= climbed 0.8% to $1,870.84 per ounce and platinum XPT= gained 0.1% to $764.17, while silver XAG= eased 0.1% to $15.49.