(Updates prices)
* Gold stuck in range of $1,300 to $1,325/oz - analyst
* SPDR gold holdings slip 0.8 percent on FridayBy K. Sathya NarayananFeb 4 (Reuters) - Gold prices slipped to their lowest innearly a week on Monday as the dollar and global equities firmedon the back of upbeat economic data from the United States.Spot gold was down 0.5 percent at $1,311.25 per ounceat 1320 GMT, having hit $1,326.30 on Thursday - its highestsince April 26.U.S. gold futures fell 0.5 percent to $1,315.50 perounce."It is just a reaction to the strong jobs report on Fridayin the U.S. and stock market recovery due to the dovish U.S.Federal Reserve. These factors have reduced the short-termdemand for gold," Saxo Bank analyst Ole Hansen said."However, the longer-term bulls will not be concerned aslong as we stay above $1,275."
World stocks remained near two-month highs and strong U.S.jobs data propped up the greenback, denting the appeal of gold.However, European stocks struggled as the boost from the U.S.data started to fade.A closely watched report from the U.S. Labor Departmentshowed on Friday that nonfarm payrolls jumped by 304,000 jobslast month, the largest gain since February 2018. Meanwhile, the U.S. central bank said last week it would be"patient" on future rate hikes. Despite signs of a robust economy, the Fed is widelyexpected to keep rates steady this year, thanks to heightenedworries over global growth, especially in China and Europe.On the technical front, gold faces stiff resistance around$1,325, ActivTrades chief analyst Carlo Alberto De Casa wrote ina note."There are high chances of seeing bullion caged in a lateralrange between $1,300 and $1,325 this week."
Reflecting investor sentiment, holdings of the world'slargest gold-backed exchange-traded fund, SPDR Gold Trust ,fell 0.8 percent to 817.40 tonnes on Friday. The overall outlook for gold, however, remains positive,analysts said."In the short term we see little in the way to halt gold'spush for $1,350 per ounce, except a sudden positive developmentin U.S.-China trade talks or a prolonged series of positivemacroeconomic data," OCBC said in a note.Among other precious metals, palladium eased 0.5percent to $1,344 per ounce.Silver fell 1.5 percent to $15.67 per ounce andplatinum dipped 1 percent to $812.98. (Reporting by K. Sathya Narayanan in Bengaluru; Editing by MarkPotter and Dale Hudson)
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