PRECIOUS-Gold clocks more gains ahead of U.S. data

SYDNEY Aug 30 (Reuters) - Gold started its fifth straight week in positive territory on Monday ahead of fresh U.S. economic data that could point to further economic softening.

FUNDAMENTALS

* Spot gold was quoted $1 higher at $1,236.70 by 0026 GMT versus Friday's nominal close of $1,235.70.

* U.S. gold futures for December delivery GCZ0 were also higher at $1,238.50 an ounce against $1,237.90 on Friday.

* The gold market will closely monitor a round of U.S. economic data this week for signs of inflation and economic slowing, including personal income on Monday, consumer confidence on Tuesday, auto sales on Wednesday, and August nonfarm payrolls on Friday.

* U.S. Federal Reserve chief Ben Bernanke said the economic recovery had weakened more than expected and the U.S. central bank stood ready to act if necessary to spur growth. [ID:nN27258237]

* Analysts say further quantitative easing could potentially see gold heading back towards its record high at $1,264.90 an ounce seen on June 21. [ID:nLDE67O21Q]

* The world's largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD.P) said its holdings stood at 1,298.556 tonnes as of Aug. 29 versus 1,297.948 tonnes on Aug. 26.

MARKETS NEWS

* U.S. stocks rebounded to post the best gains in nearly four weeks on Friday, overcoming initial skittishness brought on by a revenue warning from Intel and dour comments from Federal Reserve Chairman Ben Bernanke. The Dow Jones industrial average .DJI gained 164.84 points, or 1.65 percent, to 10,150.65. Nonetheless, for the week the benchmark index fell 0.6 percent, the third week of declines. [.N]

* The dollar gained slightly in early Asian trade as the yen slipped broadly after a statement by the Bank of Japan that it would hold an emergency policy meeting saw the foreign exchange market brace for a possible monetary easing. [USD/]

* Light crude oil for October delivery rose 0.48 percent to $75.53 per barrel, heading for the fourth straight day of rises. On Friday prices were boosted by a rally in U.S. stocks as investors shrugged off cautionary remarks by the Federal Reserve chief. [O/R]

DATA/EVENTS 0900 EZ Business climate Aug EUBUSC=ECI 0900 EZ Economic sentiment Aug EUECOS=ECI 1230 U.S. Personal income mm Jul USGPY=ECI 2315 Japan Manufacturing PMI Aug JPRPMI=ECI 2350 Japan Industrial output prelim Jul JPIP1=ECI

RELATED NEWS > Australia combs mines for more gold [ID:nSGE67Q0CC] > India's MMTC-PAMP gold refinery start delayed [ID:nSGE67R00Y] > Prosperity fuels India gold investment demand [ID:nSGE67R00L] > Gold at $1,300 may crimp Indian imports [ID:nSGE67R01M] > India gold investment to top jewellery sale [ID:nSGE67O0JI] > India's ICEX plan to launch gold coin contract[ID:nSGE67Q0E8] Precious metals prices: Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 1237.25 1.55 +0.13 12.92 Spot Silver 19.10 0.07 +0.37 13.49 Spot Platinum 1529.75 -0.75 -0.05 4.28 Spot Palladium 501.50 0.50 +0.10 23.67 TOCOM Gold 3384.00 5.00 +0.15 3.84 7885 TOCOM Platinum 4189.00 -11.00 -0.26 -4.47 1855 TOCOM Silver 52.60 0.80 +1.54 1.74 102 TOCOM Palladium 1383.00 19.00 +1.39 18.71 55 Euro/Dollar 1.2744 Dollar/Yen 85.58 TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce. (Reporting by James Regan; Editing by Clarence Fernandez)