* Gold flat on mixed U.S. data outlook after early rise
* Jobs indicators will hold sway over price direction
* Signs of quantitative easing would give gold a lift
(Adds details, quotes, updates prices)
By James Regan
SYDNEY, Aug 30 (Reuters) - Gold steadied on Monday after
starting its fifth straight week in positive territory ahead of
fresh U.S. economic data that could signal a mixed outlook.
Bullion dealers said the extent of the U.S. economy's
ability to generate jobs would be the highlight of the data,
culminating in Friday's employment figures, and provide
direction for gold.
But with the grab bag of forecasts, dealers said gold might
have a tough time retesting the last session's high of
$1,242.25 an ounce.
Spot gold was quoted slightly lower at $1,235.35 by 0235
GMT versus Friday's nominal close of $1,235.70.
U.S. gold futures for December delivery <GCZ0> recoiled
to $1,237.40 an ounce against $1,237.90 on Friday.
Projected gains in July U.S. personal income later on
Monday could keep a lid on bullion's upside as an improving
outlook typically drives more investors away from safe harbours
like gold.
"Expectations are that personal income figures will be up,
and that's keeping some people out of gold," a dealer in Sydney
said.
Consensus figures point to a 0.3 percent increase in the
July figure for personal income, Thomson Reuters data shows.
Barclays Capital said it was looking for the August FOMC
minutes on Tuesday to show heightened concern about the
recovery, and a lower growth forecast for 2010.
"We would not be surprised to see some discussion of
potential policy alternatives," Barclays Capital said in a
note.
Gold prices got a leg up on Friday after comments from U.S.
Federal Reserve Chairman Ben Bernanke raised the prospect of
further quantitative easing and the possibility of inflationary
pressures. []
U.S. auto sales on Wednesday should show a slight gain,
according to Reuters data.
Economists polled by Reuters estimated that unemployment
rose to 9.6 percent in August from 9.5 percent in July and that
private-sector employers added 42,000 jobs to their payrolls
after adding 71,000 in July.
U.S. non-farm payrolls as a whole are estimated to have
shed 99,000 jobs in August, but this was a function of the
federal government releasing temporary census workers.
Lower volume trading due to a bank holiday in the United
Kingdom may also help stymie gold's upside, they said.
Further quantitative easing could potentially see gold
heading back towards its record high at $1,264.90 an ounce seen
on June 21, analysts said. []
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD.P> said its holdings stood at 1,298.556 tonnes
versus 1,297.948 tonnes on Aug. 26. []
Silver <XAG=> rose 7 cents to $19.10 an ounce, against
Friday's late price, bringing the metal closer to last week's
two-month high of $19.15.
Platinum <XPT=> was $7 higher at $1,536.00 an ounce.
Palladium <XPD=> was fetching $505.25 against $504.00 on
Friday.
Precious metals prices
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1235.45 -0.25 -0.02 12.75
Spot Silver 19.10 0.07 +0.37 13.49
Spot Platinum 1535.00 4.50 +0.29 4.64
Spot Palladium 504.75 3.75 +0.75 24.48
TOCOM Gold 3420.00 41.00 +1.21 4.94
27180
TOCOM Platinum 4272.00 72.00 +1.71 -2.58
10179
TOCOM Silver 52.80 1.00 +1.93 2.13
1041
TOCOM Palladium 1406.00 42.00 +3.08 20.69
471
Euro/Dollar 1.2749
Dollar/Yen 85.88
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Clarence Fernandez)
