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PRECIOUS-Gold rises to one-month high as U.S. equities slip

lackluster U.S. nonfarm payrolls data.
Monday, 13 Jan 2014 | 2:45 PM ET

(Adds comment, second byline, dateline, updates market activities) NEW YORK/LONDON, Jan 13 (Reuters) - Gold rose to a one-month high on Monday as losses in U.S. equities triggered safe-haven buying and extended the previous session's bullion rally sparked The metal posted its third consecutive daily rise and accelerated gains when the S&P 500 equities index fell nearly 1 percent on widespread losses in U.S. industry groups. Analysts said gold's 4 percent gain year to date was supported by a drop in equities early in 2014 following a record runup in stocks last year. "There was some follow-through buying from Friday's job report and rotation from equities to gold. At some point, gold's rally is going to fade" because of an improving economic outlook, said Frank McGhee, head precious metals dealer at Chicago commodities brokerage Alliance Financial LLC. Spot gold was up 0.6 percent to $1,253.74 an ounce by 2:15 p.m. EDT (1915 GMT), having earlier hit a one-month high at $1,254.50. On Friday, gold rallied 1.5 percent after disappointing U.S. jobs data stirred speculation the Federal Reserve will take a gradual approach to tapering its bond-buying stimulus this year. U.S. Comex gold futures for February delivery settled up $4.20 an ounce at $1,251.10, the contract's highest close since Dec. 11. Trading volume was about 40 percent below its 250-day average, preliminary Reuters data showed.

3:22 PM EST LAST/ NET PCT LOW HIGH CURRENT SETTLE CHNG CHNG VOL US Gold FEB 1251.10 4.20 0.3 1243.00 1255.30 102,893 US Silver MAR 20.385 0.162 0.8 19.955 20.470 33,237 US Plat APR 1443.90 7.00 0.5 1433.00 1445.50 6,047 US Pall MAR 740.00 -6.05 -0.8 737.60 746.80 3,084 Gold 1253.74 7.04 0.6 1244.00 1254.50 Silver 20.420 0.310 1.5 19.970 20.430 Platinum 1439.74 6.24 0.4 1436.40 1440.49 Palladium 737.22 -1.78 -0.2 739.50 743.75 TOTAL MARKET VOLUME 30-D ATM VOLATILITY CURRENT 30D AVG 250D AVG CURRENT CHG US Gold 128,955 126,829 186,935 18.16 -0.08 US Silver 35,573 36,179 57,343 24.9 -1.54 US Platinum 6,113 14,074 12,874 16.45 -1.44 US Palladium 3,145 3,164 5,854 17.49 -0.81

(Additional reporting by Clara Denina in London; Editing by Dale Hudson, Keiron Henderson and Andrew Hay)