PRECIOUS-Gold set for second weekly loss as U.S. data sparks stimulus fears
SINGAPORE, Nov 8 (Reuters) - Gold was trading near three-week lows on Friday and heading for a second straight weekly loss, after strong U.S. economic growth sparked fears the U.S. Federal Reserve may scale back its bullion-friendly bond purchases this year.
* Spot gold was up 0.1 percent at $1,308.86 an ounce by 0015 GMT, after a near 1 percent drop in the previous session. The metal is down 0.5 percent for the week.
* The European Central Bank cut interest rates to a record low on Thursday and said it could take them lower still to prevent the euro zone's recovery from stalling as inflation tumbles.
* U.S. GDP grew at a 2.8 percent annual rate, the quickest pace in a year, after expanding at a 2.5 percent clip in the second quarter.
* Markets are now eyeing U.S. nonfarm payroll data later in the day for further direction and clues on the timing of a stimulus tapering.
* German bullion retailer Degussa Goldhandel has bought London-based broker Sharps Pixley and says it expects the retail market for gold bars and coins to keep growing.
* South Africa's National Union of Mineworkers has rejected a revised wage offer from Northam Platinum, the world's fifth largest platinum producer, extending a strike by over 7,000 workers.
* African gold miner Amara Mining has sold roughly a fifth of its shares to a wealth management firm investing on behalf of one of America's richest families, in a deal that will bring in cash, a drilling firm, and exploration licenses.
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* The euro slid to a more than seven-week low against the dollar on Thursday.
DATA/EVENTS 0200 China Exports 0200 China Imports 0200 China Trade balance 0700 Germany Trade balance 0745 France Industrial output 0745 France Trade balance 1330 U.S. Unemployment rate 1330 U.S. Nonfarm payrolls 1455 U.S. Univ of Michigan sentiment index 1700 U.S. World Agricultural Supply and Demand Report
Precious metals prices 0015 GMT
Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1308.86 1.31 +0.10 -21.84 Spot Silver 21.68 0.04 +0.18 -28.40 Spot Platinum 1454.24 5.49 +0.38 -5.26 Spot Palladium 759.22 0.50 +0.07 9.71 COMEX GOLD DEC3 1308.80 0.30 +0.02 -21.90 1024 COMEX SILVER DEC3 21.70 0.04 +0.20 -28.40 305 Euro/Dollar 1.3407 Dollar/Yen 98.17
COMEX gold and silver contracts show the most active months
(Reporting by A. Ananthalakshmi; Editing by Richard Pullin)