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Gold prices edge up ahead of U.S. jobs data, set for 7th weekly gain

Credit: REUTERS/ARND WIEGMANN

Gold prices inched up on Friday and were heading for their seventh consecutive weekly gain, with investors waiting for U.S. non-farm payrolls data later in the day for clues on the outlook for interest rate cuts.

July 5 (Reuters) - Gold prices inched up on Friday and were heading for their seventh consecutive weekly gain, with investors waiting for U.S. non-farm payrolls data later in the day for clues on the outlook for interest rate cuts.

FUNDAMENTALS

* Spot gold XAU= was up 0.2% at $1,417.40 per ounce as of 0119 GMT. Prices touched $1,435.99 on Wednesday, the highest since June 25.

* The metal has risen 0.7% so far this week and is on track for its seventh consecutive weekly rise.

* U.S. gold futures GCv1 were down 0.1% at $1,419.90 an ounce.

* All eyes are on U.S. non-farm payrolls, due later in the day, which are expected to have jumped by 160,000 in June compared with 75,000 in May.

* The U.S. Federal Reserve holds its two-day policy meeting on July 30-31 and futures 0#FF: are fully pricing in a 25-basis-point cut.

* The dollar index .DXY was relatively unchanged against a basket of major currencies on Friday. USD/

* U.S. Treasury yields fell on Wednesday with 10-year yields hitting their lowest in over 2-1/2 years. US/

* Asian shares hovered near two-month highs on Friday, holding recent gains. MKTS/GLOB

* Australia's OceanaGold Corp OGC.AX said on Thursday that it had stopped trucking at its Didipio gold and copper mine in the Philippines after a dispute with the provincial government over its licence to operate at the site.

* Investors pulled $15.1 billion from equity funds after near record selling in the United States ahead of the G20 Summit, and piled $6.3 billion into bonds in the four trading days to July 2, Bank of America Merrill Lynch (BAML) said on Thursday.

DATA AHEAD (GMT)

* 1230 US Non-Farm Payrolls June

* 1230 US Unemployment Rate June

* 1230 US Average Earnings YY June

(Reporting by Brijesh Patel in Bengaluru; Editing by Joseph Radford)

((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848 5832, Outside U.S. +91 8067493865; Reuters Messaging: Brijesh.Patel1.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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