PRECIOUS-Gold lingers around $1,590/oz; US job data weighs

Thu Mar 14, 2013 8:30pm EDT

SINGAPORE, March 15 (Reuters) - Gold drifted around $1,590
an ounce on Friday, after upbeat U.S. labour market data added
to evidence of an economic recovery that would make safe-haven
assets like gold less attractive.
    
    FUNDAMENTALS
    * Spot gold traded nearly flat at $1,589.61 an ounce
by 0016 GMT, on course for a second week of modest gains. 
    * U.S. gold inched down 0.1 percent to $1,588.70.
    * The number of Americans filing new claims for unemployment
benefits fell for a third straight week last week, the latest
indication the labour market recovery was gaining traction.
 
    * Barclays lowered its 2013 and 2014 price forecasts for
gold on Thursday in a note, saying downside risks to the gold
outlook have risen, while the upside catalysts have receded.
 
    * The U.S. Commodity Futures Trading Commission has engaged
in "a couple" of conversations about whether the daily setting
of gold and silver prices in London is open to manipulation,
Commissioner Scott O'Malia said on Thursday. 
    * Germany's economy will steadily recover ground lost at the
end of 2012 and grow 0.6 percent this year thanks to higher
investments on the back of low interest rates, IfW think tank
said on Thursday, doubling its forecast. 
    * Holdings of SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, had fallen 3.432 tonnes so far
this week, on course for an eleventh week of decline, although
holdings were unchanged at 1,236.307 tonnes from a day earlier
on March 14.
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    MARKET NEWS
    * The Dow Jones industrial average extended its winning
streak to 10 days on Thursday, a string of gains last seen in
late 1996, and ended at another record high as investors were
encouraged by data showing the labour market's recovery was
improving. 
    * The rally in the U.S. dollar took a breather on Friday as
sterling enjoyed a short squeeze, while the Australian dollar
made the most of a barnstorming employment report at home.
 
        
    
    DATA/EVENTS (GMT) 
 1000 Euro zone   Euro zone labour costs                       
 1230 U.S.        Inflation                                   
 1230 U.S.        New York Fed manufacturing                  
 1300 U.S.        Net capital flows                           
 1315 U.S.        Industrial output                         
 1355 U.S.        UMich sentiment index                      
 1930 U.S.        CFTC commitment of traders data            
       
    PRICES
    
     Precious metals prices 0016 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1589.61   -0.19   -0.01     -5.07
  Spot Silver        28.80    0.02   +0.07     -4.89
  Spot Platinum    1589.49    2.99   +0.19      3.55
  Spot Palladium    768.22    0.72   +0.09     11.01
  COMEX GOLD APR3  1588.70   -2.00   -0.13     -5.20         1201
  COMEX SILVER MAY3  28.80   -0.01   -0.04     -4.75          309
  Euro/Dollar       1.3006
  Dollar/Yen         96.05
  COMEX gold and silver contracts show the most active months
 

 (Reporting by Rujun Shen; Editing by Richard Pullin)
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