GLD

Gold slips on firm dollar, poor U.S. data limits losses

Credit: REUTERS/MAXIM SHEMETOV

April 3 (Reuters) - Gold inched down on Friday after rising 1.4% in the previous session as the U.S. dollar firmed, but record high weekly U.S. jobless claims filings kept a check on bullion's downside.

FUNDAMENTALS

* Spot gold eased 0.1% to $1,610.64 per ounce by 0037 GMT. U.S. gold futures slipped 0.1% to $1,635.50.

* The metal was down over 0.4% for the week after an 8% jump in the previous week.

* The dollar was up 0.1% against key rivals, having risen for the last two sessions.

* The number of Americans filing claims for unemployment benefits last week shot to a record high of 6.65 million, as more jurisdictions enforced stay-at-home measures to curb the coronavirus.

* Asian markets looked to latch onto Wall Street's overnight gains after crude prices notched their biggest one-day surge on record, helping offset concerns about the depth of a global recession. [MKTS/GLOB]

* The U.S. unemployment rate will shoot past 10% in the second quarter and the growth rate of gross domestic product will decline by more than 7% as the virus grips the economy, according to projections released by the Congressional Budget Office.

* The World Bank said it had approved an initial $1.9 billion in emergency funds for coronavirus response operations in 25 developing countries.

* Global coronavirus cases surpassed 1 million on Thursday with more than 52,000 deaths as the pandemic further exploded in the United States and the death toll climbed in Spain and Italy, according to a Reuters tally of official data.

* Europe's largest economy might shrink more this year than during the 2008/9 financial crisis, German Economy Minister Peter Altmaier said, adding that contractions of more than 8% might be registered in some months.

* SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.33% to 971.97 tonnes on Thursday. [GOL/ETF]

* Palladium fell 0.8% to $2,196.39 an ounce, platinum slipped 0.2% to $725.52 and silver declined 0.8% to $14.42. All three metals were set to register a weekly loss.

DATA/EVENTS (GMT) 0145 China Caixin Services PMI

March 0600 UK

Reserve Assets Total

March 0755 Germany Markit Services, Comp Final PMIs

March 0800 EU

Markit Comp Final, Services Final PMIs March 1230 U.S.

Non-Farm Payrolls, Unemployment Rate

March 1230 U.S.

Average Earnings YY

March 1345 U.S.

Markit Comp Final, Services Final PMIs March 1400 U.S.

ISM non-Manufacturing PMI

March

(Reporting by K. Sathya Narayanan in Bengaluru; Editing by Subhranshu Sahu) ((Sathya.Narayanan@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6182 2732; Reuters Messaging: sathya.narayanan.thomsonreuters.com@reuters.net)) Keywords: GLOBAL PRECIOUS/

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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