SINGAPORE, Nov 1 Gold was trading close its
lowest in nearly two weeks on Friday, hurt by sharp losses in
the previous session from month-end profit taking, strong U.S.
economic data and a higher dollar.
The metal is headed for a 2 percent weekly drop - its first
in three weeks - as bullish sentiment from expectations that the
Federal Reserve will keep its stimulus dissipated.
* Spot gold edged up 0.1 percent to $1,324.62 an
ounce by 0026 GMT, after Thursday's 1.4 percent slide.
* The pace of business activity in the U.S. Midwest jumped
in October, exceeding expectations and U.S. jobless claims
declined last week in welcome news for the nation's battered
labour market after the impact of a government shutdown on
furloughed federal workers diminished.
* Markets fear an improving economy could prompt the U.S.
central bank to cut back bullion-friendly stimulus measures.
* China bought more than 100 tonnes of gold from Hong Kong
for a fifth straight month in September as demand for bullion
bars and jewellery stayed strong, keeping it on track to
overtake India as the world's biggest gold consumer this year.
* Barrick Gold Corp said it would stop development
of its Pascua-Lama mine in South America indefinitely, a
surprise reversal on a project that has already cost the world's
largest gold producer more than $5 billion.
* India's bullion industry is shrinking, squeezed by
government rules meant to curb a surge in gold imports, with
banks and others opting to redeploy personnel for now but
possibly facing big job cuts in coming months.
* The volume of gold transferred between accounts held by
bullion clearers fell 16.3 percent in September to an average
18.5 million ounces a day, its lowest since August 2012, the
London Bullion Market Association said.
* South Africa's AMCU union declared a wage dispute on
Thursday with platinum producer Lonmin . The
union also said its members in the gold sector were voting on
whether or not to strike over wages and could do so from next
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* Asian shares edged down and the dollar inched higher in
early trade on Friday after upbeat U.S. economic data prompted
some investors to price in a less dovish policy outlook for the
U.S. Federal Reserve.
0100 China Official manufacturing PMI
0145 China HSBC final manufacturing PMI
0500 India HSBC Markit manufacturing PMI
1400 U.S. ISM manufacturing PMI
Precious metals prices 0026 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1324.62 1.43 +0.11 -20.90
Spot Silver 21.93 0.08 +0.37 -27.58
Spot Platinum 1448.00 -0.50 -0.03 -5.67
Spot Palladium 736.00 1.00 +0.14 6.36
COMEX GOLD DEC3 1325.00 1.30 +0.10 -20.93 1665
COMEX SILVER DEC3 21.95 0.08 +0.36 -27.59 454
COMEX gold and silver contracts show the most active months
(Reporting by A. Ananthalakshmi; Editing by Richard Pullin)