Gold prices were set for a second consecutive weekly fall, even as bullion traded almost flat on Friday as investors refrained from taking big positions ahead of U.S. non-farm payrolls data that could offer more cues on the Federal Reserve's policy path.
FUNDAMENTALS
* Spot gold was nearly unchanged at $2,302.51 per ounce, as of 0046 GMT. Prices were down more than 1% this week.
* U.S. gold futures were flat at $2,310.40 per ounce.
* The non-farm payrolls report is due at 1230 GMT.
* The U.S. central bank held interest rates steady on Wednesday and indicated it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming.
* Bullion is known as an inflation hedge, but elevated interest rates reduce the appeal of holding the non-yielding asset.
* Data on Thursday showed the number of Americans filing new claims for unemployment benefits held steady at a low level last week, pointing to a still fairly tight labour market that should continue to underpin the economy in the second quarter.
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.17% to 829.60 tonnes on Thursday from 831.04 tonnes on Wednesday.
* Spot silver fell 0.2% to $26.65 per ounce and was down nearly 2% for the week.
* Platinum gained nearly 0.8% to $957.15 and was on track for a weekly gain. Palladium edged up 0.2% to $937.57.
DATA/EVENTS (GMT)
0830 UK S&P Global PMI: Composite - Output April
0830 UK Reserve Assets Total April
0900 EU Unemployment Rate March
1230 US Non-Farm Payrolls April
1230 US Employment Rate April
1345 US S&P Global Comp, Svcs Final PMI April
1400 US ISM N-Mfg PMI April
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