Gold awaits US data, eyes higher finish

[nikkir]

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Gold prices advanced towards its biggest weekly gains in two months as traders await a key US data for more clues. Gold for immediate delivery was seen trading at $ 1195.43 an ounce at 12.00 noon Singapore time while U.S. gold futures for December delivery was at $1198 an ounce. on the comex division of Nymex.



Analysts said the US data on employment is likely to show negative results that could benefit the precious yellow metal to end the week on a high note.
Meanwhile ETF holdings rose for the first time since mid-July on a weak dollar and high wheat prices that triggered concerns of inflation worries.



The world's largest gold-backed exchange-traded fund, SPDR Gold Trust 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.
Silver for immediate delivery was little changed at $18.345 an ounce and platinum traded at $1571.90 an ounce after falling as much as 0.6 per cent to $1,563 an ounce. Palladium declined 0.3 per cent to $495.75 an ounce



On Thursday, Gold extended its gains to settle higher for a seventh straight day as physical buying on China's decision to expand its market for the metal and weak U.S. jobs data made it an attractive safe haven. Gold for December delivery, the most actively traded contract, settled up $3.40, or 0.3%, at $1,199.30 an ounce.