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PRECIOUS-Spot gold slips as dollar strengthens on U.S. jobs data

Published 08/02/2016, 11:43 am
Updated 08/02/2016, 11:50 am
© Reuters.  PRECIOUS-Spot gold slips as dollar strengthens on U.S. jobs data
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MELBOURNE, Feb 8 (Reuters) - Spot gold slipped on Monday from near a three-month top hit the session before, after a solid U.S. jobs report strengthened the dollar and potentially boosted the chance of rate hikes this year.

FUNDAMENTALS

* Spot gold XAU= had slipped by 0.7 percent to $1,165.10 an ounce by 0008 GMT, as it fell back from its highest since Oct. 28 at $1,174.50 hit in the previous session.

* U.S. gold GCcv1 climbed 0.7 percent to $1,165.80.

* Across other metals, platinum XPT= shed 0.2 percent to $904.24, while palladium XPD= held 0.4-percent gains at $501.30 an ounce.

* Most Asian regional markets were closed on Monday for Lunar New Year, including Singapore, China, Hong Kong and Taiwan.

* U.S. employment gains slowed more than expected in January as the boost to hiring from unseasonably mild weather faded, but rising wages and an unemployment rate at an eight-year low suggested the labor market recovery remains firm. Global markets have been in turmoil since the start of the year, with stocks and commodities prices reeling, eroding inflation and making central banks increasingly dovish - a trend that could continue with more weak economic data. China's January exports may have fallen for a seventh month with factories still battling falling prices, but an expected jump in bank lending may underscore the government's bid to put a floor under the slowing economy. Hedge funds and money managers boosted their bullish bet in COMEX gold to a three-month high in the week to Feb. 2, U.S. Commodity Futures Trading Commission data showed on Friday.

* SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.70 percent to 698.46 tonnes on Friday from 693.62 tonnes on Thursday. For the top stories on metals and other news, click TOP/MTL or GOL

MARKET NEWS

* Global stock markets slumped and the U.S. dollar rallied on Friday. MKTS/GLOB

DATA AHEAD (GMT)

0930 Euro zone Sentix index Feb

1500 U.S. Employment trends Jan

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