(Repeats report, no changes to text)
* GRAPHIC-2017 asset returns: http://tmsnrt.rs/2jvdmXl
* Gold set for third straight weekly decline
By Marcy Nicholson and Zandi Shabalala
NEW YORK/LONDON, Nov 3 (Reuters) - Gold fell to a one-week
low on Friday as consensus-beating U.S. economic data pushed the
dollar higher, outweighing the impact of a lackluster jobs
report.
The greenback .DXY gained on a strong reading of U.S.
factory orders and the services sector, reversing earlier losses
after an underwhelming October jobs report. FRX/
Spot gold XAU= fell 0.6 percent to $1,267.95 an ounce by
2:26 p.m. EDT (1826 GMT), and was on track for third straight
weekly decline. It hit its lowest level since Oct. 27 at
$1,265.16.
U.S. gold GCcv1 for December delivery settled down 0.7
percent at $1,269.20.
"The data was in a conflicting sequence but it is overall
making the case for not just one further rate hike by the Fed in
December but also for further, gradual increasing of rates in
2018," said Quantitative Commodity Research consultant Peter
Fertig.
"The outlook for the interest side remains towards a
stronger U.S. dollar so there are headwinds for gold."
The interest rate outlook for the coming year is largely
unchanged by President Donald Trump's appointment of Jeremy
Powell as Fed chairman as analysts said it signaled a
continuation of Janet Yellen's cautious monetary policies.
urn:newsml:reuters.com:*:nL2N1N80D3
"This morning's weak jobs numbers should have been a boost
to gold prices typically because the thought would be that maybe
the Fed would change direction away from raising interest rates
speedily," said Miguel Perez-Santalla, vice president of Heraeus
Metal Management in New York.
"However, with the selection of Jerome Powell as the next
Fed chairman that thought has quickly been discarded. This
explains why, with this poor news, gold is still backing away
like a scared dog."
World stock markets edged higher, buoyed by the U.S.
economic data. MKTS/GLOB
"I still remain cautious on gold until and unless it moves
back above $1,300 again," said Fawad Razaqzada, technical
analyst for Forex.com.
"There is still the potential for a drop to the support
trend of its bullish channel around the $1,255 area before it
decides on its next move."
SPDR Gold Trust GLD , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.4 percent on
Thursday. urn:newsml:reuters.com:*:nEMN0D6U80
Meanwhile in Asia, demand for physical gold was lackluster
this week in top consumers India and China, while the lure of
the metal remained stable in Singapore, but India's peak wedding
season is expected to usher in renewed interest for bullion in
coming weeks. urn:newsml:reuters.com:*:nL4N1N92VC
In other precious metals, spot silver XAG= fell 1.7
percent to $16.78 an ounce and platinum XPT= eased 0.6 percent
to $919, while palladium XPD= turned up 0.2 percent to
$998.10.
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GRAPHIC-2017 asset returns: http://tmsnrt.rs/2jvdmXl
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(Additional reporting by Arpan Varghese in Bengaluru, editing
by David Evans and Tom Brown)
((Marcy.Nicholson@thomsonreuters.com, +1 646 223 6043; Reuters
Messaging Marcy.Nicholson.ThomsonReuters.com@reuters.net))
Keywords: GLOBAL PRECIOUS/
Warning: This material has been prepared by a third party company, Reuters, which is independent of Davy. Davy has not reviewed the material and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. It does not constitute investment advice.
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