PRECIOUS-Gold climbs after dovish Fed comments
SINGAPORE, Aug 1 (Reuters) - Gold edged higher on Thursday after the Federal Reserve said it would continue to support the U.S. economy by buying back bonds, even as U.S. economic growth and jobs data painted a brighter outlook. U.S. gold futures rose more than 1 percent, pushing up prices of other precious metals.
FUNDAMENTALS Spot gold rose 0.4 percent to $1,328.31 an ounce by 0016 GMT, after posting its strongest month since January 2012.
* U.S. gold gained 1 percent to $1,327.40, while silver futures also rose 1 percent.
* The Fed on Wednesday said it would keep buying $85 billion in mortgage and Treasury securities per month in an effort to strengthen an economy that it said was still challenged by federal budget-tightening. It did not give an indication on when it would start tapering.
* A government report on Wednesday showed the U.S. economy expanded at a faster-than-expected 1.7 percent annual rate in the second quarter. The ADP National Employment Report showed private employers added 200,000 jobs in July, maintaining June's pace.
* The amount of gold transferred between accounts held by bullion clearers rose to a 12-year high in June for a second month, at an average of 29.0 million ounces a day, data from industry group the London Bullion Market Association showed.
* The price of gold has room to increase even if U.S. interest rates keep rising as an improving economy should boost demand by jewellers and manufacturers, a report by the World Gold Council trade group said on Wednesday.
* Sales of American Eagle gold bullion coins climbed 66 percent in July on a year-on-year basis, as retail investors snap up physical gold products, data on the U.S. Mint's website showed on Wednesday.
* Gold importers in India, the world's biggest buyer of the metal, are refraining from fresh shipments on uncertainty in import policy, supporting premiums even as prices hit their highest level in more than three-and-a-half months.
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* The U.S. dollar wallowed at six-week lows against a basket of major currencies on Thursday, having slipped overnight after the Fed gave no fresh hint that it was preparing to scale back stimulus at its next meeting in September.
DATA/EVENTS (GMT) 0100 China Official manufacturing PMI 0145 China HSBC manufacturing PMI final 0500 India HSBC Markit manufacturing PMI 0743 Italy Markit/ADACI manufacturing PMI 0753 Germany Markit/BME manufacturing PMI 0758 Euro zone Markit manufacturing PMI 1145 European Central Bank policy decision 1230 ECB President Mario Draghi holds news conference 1230 U.S. Weekly jobless claims 1400 U.S. ISM manufacturing PMI 1400 U.S. Construction spending
Precious metals prices 0016 GMT
Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1328.31 5.82 +0.44 -20.68 Spot Silver 19.85 0.05 +0.25 -34.45 Spot Platinum 1436.49 2.49 +0.17 -6.42 Spot Palladium 726.47 0.47 +0.06 4.98 COMEX GOLD AUG3 1327.40 15.00 +1.14 -20.79 20 COMEX SILVER SEP3 19.82 0.19 +0.98 -34.60 623 Euro/Dollar 1.3303 Dollar/Yen 97.73
COMEX gold and silver contracts show the most active months
(Reporting by A. Ananthalakshmi; Editing by Richard Pullin)