* Spot gold may bounce into range of $1,184-$1,194/oz-
* Spot gold down 0.8 pct this week
* SPDR gold holdings down 1.54 pct on Thursday
* Palladium off 18-month highs touched Thursday
(Adds comment; updates prices)
By Apeksha Nair
Dec 2 Gold recovered from its lowest since early
February on Friday as the dollar drifted lower ahead of U.S.
jobs data, but is still on track for a fourth consecutive weekly
Spot gold was up 0.2 percent at $1,173.59 an ounce by
0612 GMT. The metal fell to its lowest since Feb. 5 at $1,160.38
in the previous session.
For the week, gold was trading down 0.8 percent.
U.S. gold futures gained 0.5 percent at $1,175.30
"These movements in gold can be tied to the dollar," said
Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong
"There is a bit of buying in the physical side, but that has
not been really aggressive."
The dollar index, which measures the greenback
against a basket of major currencies, fell about 0.3 percent on
Friday to 100.770 as investors remained wary ahead of U.S.
payrolls data due later in the day.
"Most market participants are awaiting the crucial non-farm
payrolls (NFP) data due today. A positive outcome could mean the
Federal Reserve can raise interest rates in the next meet," said
Hareesh V, Research Head at Geofin Comtrade Ltd.
The dollar has scaled back from near 14-year highs of 102.05
hit on Nov. 24 on the back of a surge in U.S. Treasury yields
triggered by expectations of higher fiscal impulse and faster
pace of monetary tightening under president-elect Donald Trump.
Several Fed policymakers have since expressed confidence in
the U.S. economy and signalled a possible near-term interest
Gold is highly sensitive to rising interest rates, as these
lift the opportunity cost of holding non-yielding bullion, while
boosting the dollar.
"People are rushing to the stock market rather than the gold
markets. That is evident in the liquidation we are seeing in the
exchange traded funds (ETFs)," Leung of Lee Cheong Gold Dealers
Holdings of the largest gold-backed exchange-traded fund,
SPDR Gold Trust, fell 1.54 percent to 870.22 tonnes on
Thursday. Holdings have fallen over 6 percent last month.
Spot gold may bounce moderately into a range of
$1,184 to $1,194 per ounce, according to Reuters technical
analyst Wang Tao.
Silver was mostly unchanged at $16.52 an ounce.
Platinum slid 0.1 percent at $909.50 but was on track
to rise for the first time in 4 weeks.
Palladium rose 0.3 percent at $752.65 an ounce after
scaling its highest level since June 2015 at $774.60 in the
previous session. It was set to rise for a fifth straight week.
(Reporting by Apeksha Nair in Bengaluru; additional reporting
by Nallur Sethuraman; Editing by Richard Pullin and Sunil Nair)