June 5 (Reuters) - Gold prices rose on Friday on a weaker U.S. dollar and a pause in the recent rallies in global equity markets, amid signs of lingering economic damage from the coronavirus crisis that had investors moving towards the safe-haven metal. FUNDAMENTALS * Spot gold was up 0.2% at $1,714.78 per ounce, as of 1256 GMT. U.S. gold futures were down 0.3% at $1,721.90. * However, the bullion was set for a third consecutive weekly drop. * The dollar index has fallen over 1.5% this week, making gold cheaper for holders of other currencies. * The rally in Asian equities was set to pause, even as the week's global equity rally lost some steam on Thursday as traders took gains. * Showing lingering economic damage, U.S. jobless claims fell below 2 million for the first time since mid-March, but remains very high; and U.S. trade deficit surged in April with exports at a 10-year low, data showed on Thursday. * Investors now wait for the U.S. nonfarm payrolls data due later in the day, and is likely to show payrolls falling by 8 million after a record 20.537 million plunge in April, according to a Reuters survey of economists. * Meanwhile, the European Central Bank approved a larger-than-expected expansion of its stimulus package on Thursday. * Japan's household spending suffered the biggest annual drop on record in April, although the fall was not as large as analysts had forecast. * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings, dipped 0.1% to 1,132.21 tonnes on Thursday. * Palladium rose 0.7% to $1,946.55 per ounce and platinum climbed 0.4% to $840.39, while silver was trading flat at $17.72. DATA/EVENTS (GMT) 0600 Germany Industrial Orders MM April 0730 UK Halifax House Prices MM May 1230 US Non-Farm Payrolls May 1230 US Unemployment Rate May 1230 US Average Earnings YY May (Reporting by Harshith Aranya in Bengaluru, Editing by Sherry Jacob-Phillips)
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