September 1, 2016 / 1:10 AM / 2 years ago

PRECIOUS-Gold above 2-month lows as dollar slip

Sept 1 (Reuters) - Gold on Thursday was above two-month lows
hit in the previous session after the dollar gave up gains as
investors wait for clues to the next U.S. interest rate hike
from a nonfarm payrolls report on Friday.
   
    FUNDAMENTALS
    * Spot gold edged higher 0.1 percent to $1,309.80 per
ounce at 0047 GMT. The metal touched a low of $1,304.91 on
Wednesday, its lowest since June 24.
    * U.S. gold futures was up 0.1 percent at $1,312.80.
    * A payrolls processor showed U.S. private employers added
177,000 jobs in August, above economists' forecasts and
supporting expectations for Friday's closely watched U.S.
payrolls report to be strong. 
    * An upbeat nonfarm payrolls report on Friday would
reinforce the view that a U.S. rate hike may be on the cards,
after Fed officials sounded a hawkish note at a meeting last
weekend.
    * On Wednesday, Boston Fed President Eric Rosengren said the
Fed should consider that quicker interest rate rises over time
could stave off risks to the economy, while Chicago Fed
President Charles Evans said he is increasingly convinced that
U.S. economic growth has slowed permanently. 
 
    * The dollar wavered against the yen and euro on Thursday.
The dollar index fell nearly 0.1 percent at 95.981 after
rising to 96.255 overnight, its highest since Aug. 9.
    * Holdings of SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, fell 1.27 percent to 943.23
tonnes on Wednesday. 
    * U.S. Mint sales of American Eagle gold coins in August
fell 42 percent from a year ago while silver coin sales dropped
to the lowest since late 2013, a government data showed on
Wednesday. 
    * Mexico's silver production slumped 9.6 percent in June
compared to the same month a year earlier, data from the
National Statistics Institute showed. 
    * For the top stories on metals and other news, click
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    DATA AHEAD (GMT)
    0100 China Official manufacturing PMI August 
    0100 China Official non-manufacturing PMI August 
    0145 China Caixin manufacturing PMI final August
    0750 France Markit manufacturing PMI August
    0755 Germany Markit/BME manufacturing PMI August 
    0800 Euro zone Markit manufacturing PMI final August 
    1230 U.S. Weekly jobless claims 
    1400 U.S. Construction spending July 
    1400 U.S. ISM manufacturing PMI August

 (Reporting By Nallur Sethuraman in Bengaluru; Editing by
Michael Perry)
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