* Gold up on bargain hunting; jewellers
* For technical on gold, click []
* Coming Up: U.S. non-farm payrolls; 1230 GMT
(Updates prices, adds quotes)
By Lewa Pardomuan
SINGAPORE, Aug 6 (Reuters) - Gold ticked up on Friday and
was on track for its biggest weekly gain since June, ahead of
the release of U.S. payrolls data while ETF holdings rose for
the first time since mid-July.
Bargain hunters plucked the price from an intraday low
before the U.S. data, which could paint a bleak picture of the
economy, while dealers in Hong Kong noted physical buying from
jewellers from East Asia, keeping premiums steady. <GOLD/ASIA1>
Spot gold <XAU=> added $2.30 to $1,195.40 an ounce by 0347
GMT after rising on Thursday on a weaker dollar and as rising
wheat prices stoked fears of inflation, boosting the metal's
safe haven appeal.
For a graphic of the 24-hr gold technical outlook, click:
http://graphics.thomsonreuters.com/WT/20100608085755.jpg
"Everybody is waiting for tonight," said Ronald Leung,
director of Lee Cheong Gold Dealers in Hong Kong."Then after
that, you will see next whether the Fed will issue bonds. Let's
see how the economy goes. Is it worsening?"
The fixed income market was abuzz with talk the Federal
Reserve would embark on another bond-buying programme to ensure
interest rates remain at their current low levels for some
time, thus making gold a more attractive investment.
Economists forecast a loss of 65,000 jobs in July following
a fall of 125,000 in June.
Thinly-traded silver <XAU=> ignored a drop in holdings in
iShares Silver Trust. []
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD.P>, said its holdings rose to 1,282.746 tonnes
by August 5 from 1,281.834 tonnes on Aug 4. The holdings hit a
record 1,320.436 tonnes on June 29. []
U.S. gold futures for December delivery <GCZ0> fell $1.3 an
ounce to $1,198 an ounce.
Cash and U.S. gold futures roared to a record high in June
on worries the debt crisis in Europe was spreading and the U.S.
economy was slowing.
"Physical demand is quite strong in the last few days, and
we still have a lot of buying around from China, Taiwan and
elsewhere," said a dealer in Hong Kong.
"The premiums for gold bars are at $1.50 and I think
physical buyers will still be around until the price goes back
to $1,200," he added.
In the currency market, the dollar was on the defensive
near a 3-1/2-month low against a basket of currencies after
weak U.S. jobless claims figures heightened worries the economy
was in bad shape. []
Japan's Nikkei <> fell 0.3 percent as traders closed
positions ahead of the weekend, but is poised to end the week
slightly higher, supported by solid earnings from companies
including Toyota Corp <7203.T>. []
U.S. wheat futures surged more than 6 percent on Friday,
after settling up at the permitted daily maximum in the
previous session, as Russia said it would temporarily halt
grain shipments because of a drought. []
Precious metals prices at 0347 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1195.40 2.30 +0.19 9.10
Spot Silver 18.31 0.00 +0.00 8.79
Spot Platinum 1566.75 0.00 +0.00 6.80
Spot Palladium 493.25 1.05 +0.21 21.64
TOCOM Gold 3316.00 0.00 +0.00 1.75
22670
TOCOM Platinum 4374.00 -14.00 -0.32 -0.16
8203
TOCOM Silver 51.50 0.10 +0.19 -0.39
140
TOCOM Palladium 1377.00 12.00 +0.88 18.20
132
Euro/Dollar 1.3190
Dollar/Yen 86.00
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Clarence Fernandez)
