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PRECIOUS-Gold steady in wake of disappointing jobs data

Sept 5 (Reuters) - Gold was steady on Monday after climbing
as much as over 1 percent in the last session as
weaker-than-expected U.S. jobs data trimmed expectations of a
Federal Reserve rate hike in September.
   
    FUNDAMENTALS
    * Spot gold was mostly unchanged at $1,323.64 per
ounce by 0120 GMT. The metal rose 0.9 percent to $1,324.65 on
Friday.
    * U.S. gold futures were nearly flat at $1,327.40.
    * U.S. employment growth slowed more than expected in August
after two straight months of robust gains and wages were tepid.
 
    * Still, Richmond Federal Reserve Bank President Jeffrey
Lacker said on Friday that the U.S. economy appears strong
enough to warrant significantly higher interest rates.
 
    * Wall Street's biggest banks are sticking to bets that the
Fed will raise interest rates once this year, and the increase
would most likely occur in December after a tepid employment
report for August quashed most talk of a move as early as this
month. 
    * Asian physical gold demand improved slightly this week as
a correction in prices prompted consumers to buy for the
upcoming festival and wedding season, with discounts in India
narrowing to the smallest in three months. 
    * Hedge funds and money managers reduced their bullish
stance in COMEX gold contracts in the week to Aug. 30 to the
lowest in nearly three months, U.S. Commodity Futures Trading
Commission (CFTC) data showed on Friday. 
    * Russia's largest gold producer Polyus is
considering placing global depository receipts (GDRs) in London
in the future, its chief executive said on Friday, less then a
year after it left the London market. 
    
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    MARKET REPORT
    * Asian shares rose on Monday, getting a tailwind from gains
on Wall Street. 

    DATA AHEAD (GMT)
    0755 Germany Markit Services PMI August 
    0800 Euro zone Markit Services final PMI for August 
    0830 Euro zone Sentix Index 
    0900 Euro zone retail sales for July

 (Reporting By Nallur Sethuraman in Bengaluru; Editing by Joseph
Radford)
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