PRECIOUS-Gold slips as investors look to US data for stimulus clues
SINGAPORE, Dec 2 (Reuters) - Gold dropped on Monday, with investors jittery ahead of key U.S. data this week that could provide clues on when the Federal Reserve will begin scaling back its monetary stimulus.
* Spot gold had fallen 0.3 percent to $1,247.73 an ounce by 0028 GMT, after posting its biggest monthly loss since June.
* U.S. data including nonfarm payrolls, third quarter GDP and manufacturing PMI will be released this week, giving more insight into the strength of the economy.
* A strong economic recovery could prompt the Fed to begin cutting back its $85 billion in monthly bond purchases soon. The central bank next meets on Dec. 17-18, when it could decide the fate of its stimulus.
* The volume of gold transferred between accounts held by bullion clearers rose by 7 percent in October to an average of 19.8 million ounces a day, the London Bullion Market Association said on Friday.
* ANZ cut its precious metal price forecasts for 2014 on Friday, citing softer-than-expected demand and negative market sentiment.
* Gold trade between Turkey and Iran will resume, albeit at lower levels than last year, once sanctions on Iran are eased, Iran's ambassador to Turkey said on Friday.
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* Japanese shares could get support from a weaker yen on Monday, while investors were generally cautious as they waited for a Chinese manufacturing survey later in the session as well the key U.S. data this week.
DATA/EVENTS (GMT) 0145 China HSBC Final Manufacturing PMI 0843 Italy Markit/ADACI Manufacturing PMI 0848 France Markit Manufacturing PMI 0853 Germany Markit/BME Manufacturing PMI 0858 Euro zone Markit Manufacturing PMI 1500 U.S. ISM Manufacturing PMI 1500 U.S. Construction spending
PRICES AT 0028 GMT
Metal Last Change Pct chg YTD pct chg Spot gold 1247.73 -4.26 -0.34 -25.49 Spot silver 19.85 -0.1 -0.5 -34.45 Spot platinum 1363.75 6.55 0.48 -11.16 Spot palladium 713.76 -4.74 -0.66 3.14 Comex gold Dec3 1247.6 -2.8 -0.22 -25.55 Comex silver Dec3 19.895 -0.138 -0.69 -34.36 Euro 1.3589 DXY 80.644
COMEX gold and silver contracts show the most active months
(Reporting by A. Ananthalakshmi; Editing by Joseph Radford)