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PRECIOUS-Gold ticks higher on softer dollar; China data in focus
Published at 14/08/2020 at 02:05

Aug 14 (Reuters) - Gold prices rose for a third straight session on Friday, supported by a weaker U.S. dollar, with investors awaiting the release of Chinese economic data due later in the day.

FUNDAMENTALS

* Spot gold was up 0.4% at $1,960.29 per ounce by 0044 GMT. However, bullion has fallen nearly 4% so far this week and was on track for its first weekly decline since early June.

* U.S. gold futures eased 0.2% to $1,967.50 per ounce.

* The dollar index fell for a third consecutive session against its rivals, making gold cheaper for holders of other currencies.

* China is slated to publish activity data for July including retail sales, industrial production and urban investment at 0200 GMT.

* Data out of the United States on Thursday showed jobless claims dropped below one million last week for the first time since the start of the COVID-19 pandemic, although at least 28 million people are still receiving unemployment checks, indicating a weak labour market.

* More than 20.73 million people have been reported to be infected by the novel coronavirus globally and 749,871​ have died, according to a Reuters tally.

* Washington continues to remain in a stalemate over additional U.S. stimulus plan. President Donald Trump said he was blocking Democrats' effort to include funds for the U.S. Postal Service and election infrastructure in a new coronavirus relief bill.

* Asian shares were set for a largely flat start on Friday.

* SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.1% to 1,252.09 tonnes on Thursday.

* Silver edged 0.1% lower to $27.53 per ounce, platinum was steady at $956.96 and palladium eased 0.1% to $2,163.97.

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

((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848 5832, Outside U.S. +91 8067493865; Reuters Messaging: Brijesh.Patel1.thomsonreuters.com@reuters.net))