MANILA, Aug 6 (Reuters) - Gold struggled to pull away from a
5-1/2-year low early on Thursday after more upbeat U.S. economic
data bolstered expectations the Federal Reserve could lift
interest rates as soon as next month.
FUNDAMENTALS
* Spot gold XAU= was flat at $1,084.66 an ounce by 0029
GMT. The metal has mostly stayed below $1,100 since falling
below that key support level in a late July rout that pushed it
as far as $1,077, its weakest since February 2010.
* U.S. gold for December delivery GCcv1 slipped 0.2
percent to $1,083.70 an ounce.
* U.S. private job growth slowed in July, but a surge in
services industry activity to a near-decade high suggested solid
economic momentum that strengthens the case for a U.S. interest
rate hike this year, the first since 2006. ID:nL1N10G15Y
* Investors will be eyeing the U.S. nonfarm payrolls next
due out on Friday, with economists polled by Reuters predicting
the July number to be the same as June's 223,000 increase.
* Barrick Gold Corp ABX.TO , the world's biggest gold miner
by output, said it is making big strides toward an ambitious
debt reduction target, announcing a financing deal for its
Dominican mine, the planned sale of a suite of U.S. assets and a
60 percent cut to its dividend. ID:nL1N10G3LR
* The decline in holdings of SPDR Gold Trust GLD , the
world's largest gold-backed exchange-traded fund, continued on
Wednesday, to 21.47 million ounces, the lowest since September
2008.
MARKET NEWS
* The dollar held at two-month highs versus the yen, having
risen against some currencies on new data supporting the case
for a hike in U.S. interest rates next month. USD/
* U.S. crude futures steadied above $45 a barrel, near
multi-month lows, following a jump in U.S. gasoline inventories
as the U.S. peak motor fuel demand season starts to wrap up.
DATA AHEAD (GMT)
0600 Germany Industrial orders June
1230 U.S. Weekly jobless claims