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PRECIOUS-Gold hits new record high, on track for ninth weekly rise

    Aug 7 (Reuters) - Gold scaled a new all-time peak on Friday
and was set for its ninth straight weekly gain, as demand was
boosted by a softer dollar, falling U.S. Treasury yields and
worries over the global economic fallout from rising COVID-19
cases.
                                   
    FUNDAMENTALS    
    * Spot gold        was up 0.3% at $2,068.32 per ounce by
0035 GMT, having hit a record high of $2,072.50 in early Asian
trade. Bullion is up more than 4.7% so far this week. 
    * U.S. gold futures        rose 0.5% to $2,078.70.
    * The dollar index        held close to a more than two-year
low and was heading for its seventh consecutive weekly decline.
A weaker greenback makes gold less expensive for holders of
other currencies.       
    * Benchmark 10-year Treasury yields fell to their lowest
levels in five months, reducing the opportunity cost of holding
non-interest bearing gold.      
    * Coronavirus cases continue to surge in the United States
and stood at more than 18.94 million globally.             
    * Senate Majority Leader Mitch McConnell said the U.S.
economy needs an "additional boost" to cope with the fallout
from the pandemic, as Republicans and Democrats remained far
apart about what to include in another wave of coronavirus
stimulus.             
    * The number of Americans seeking jobless benefits fell last
week, but a staggering 31.3 million people were receiving
unemployment checks in mid-July, suggesting the labor market was
stalling.             
    * Investors' focus will be on the U.S. nonfarm payroll data
due later in the day.
    * Asia shares were poised to open higher on Friday, tracking
global equity markets' overnight gains.            
    * Silver        jumped 2.6% to $29.68 per ounce, while
platinum        dropped 0.9% to $988.76 and palladium       
climbed 0.5% to $2,232.40.
    
    DATA/EVENTS (GMT)
1230  US       Non-Farm Payrolls        July
1230  US       Unemployment Rate        July
1900  US       Federal Reserve issues Consumer 
Instalment Credit for June

 (Reporting by Brijesh Patel in Bengaluru; Editing by Aditya
Soni)
  
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