November 5, 2012 / 12:30 AM / in 5 years

PRECIOUS-Gold firms after US jobs report sparked sell-off

SINGAPORE, Nov 5 (Reuters) - Gold nudged up on Monday,
recovering after stronger-than-expected U.S. jobs data dampened
hopes for additional monetary easing and sent gold to a
two-month low in the previous session. 

    FUNDAMENTALS
    * Spot gold edged up 0.3 percent to $1,681.25 an
ounce by 0008 GMT, after dropping to a two-month low of
$1,673.94 an ounce on Friday. 
    * U.S. gold gained 0.4 percent to $1,681.60.
    * U.S. employers stepped up hiring in October and a small
increase in the jobless rate was due to more workers restarting
their job hunts, a hopeful sign for a lacklustre economy that
has been a drag on President Barack Obama's re-election bid.
 
    * Speculators cut the net length in U.S. gold futures and
options for the third straight week in the week ended on Oct.
30, to 149,853 contracts. Net length in silver, platinum and
palladium also fell, said the U.S. Commodity Futures Trading
Commission. 
    * Finance chiefs of leading economies pressed the United
States on Sunday to avert a rush of spending cuts and tax hikes
that could hurt global output next year, though some countries
still saw Europe's debt crisis as the No. 1 danger.
 
    * Spot silver rebounded from a 4.3-percent slide in
the previous session, to gain 0.8 percent to $31.04.
    * Striking miners at AngloGold Ashanti were due to
return to work on Sunday at two mines where operations were
suspended this week in a dispute over bonus payments, the
world's third largest bullion producer said. 
    * For the top stories on metals and other news, click
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    MARKET NEWS
    * U.S. stocks ended an unusual storm-shortened trading week
with a selloff on Friday, as major indexes erased early gains
sparked by a stronger-than-expected payrolls report. 
    * The U.S. dollar hovered around two-month highs against a
basket of major currencies in Asia on Monday as investors sought
the safe-haven currency given uncertainty surrounding the U.S.
presidential election. 
    
    DATA/EVENTS
 0930 Euro zone  Sentix index Nov                     
 1500 U.S.       ISM Non-Manufacturing PMI Oct              
 1500 U.S.       Employment trend index Oct            
    
    PRICES
 Precious metals prices 0008 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1681.25    4.89   +0.29      7.51
  Spot Silver        31.04    0.26   +0.84     12.10
  Spot Platinum    1540.00    2.90   +0.19     10.55
  Spot Palladium    601.50   -7.50   -1.23     -7.82
  COMEX GOLD DEC2  1681.60    6.40   +0.38      7.33         3426
  COMEX SILVER DEC2  31.04    0.18   +0.59     11.19          629
  Euro/Dollar       1.2822
  Dollar/Yen         80.38
  COMEX gold and silver contracts show the most active months
    

 (Reporting by Rujun Shen; Editing by Ed Davies)

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