PRECIOUS-Gold edges up, holds tight range ahead of U.S. data

(Recasts, updates prices)
* U.S. non-farm payrolls data due at 1230 GMT
* Dollar heads for a 2% weekly rise
* Interactive graphic tracking the global spread: open https://tmsnrt.rs/3aIRuz7
in an external browser

By Brijesh Patel
April 3 (Reuters) - Gold prices inched higher on Friday and
were stuck in a narrow range as the dollar strengthened ahead of
U.S. nonfarm payrolls data that could provide further clarity on
the economic damage from the coronavirus.
Spot gold XAU= was up 0.2% at $1,616 per ounce by 1205
GMT. The metal has declined nearly 0.5% so far this week after
an 8% jump in the previous week.
U.S. gold futures GCcv1 edged 0.1% higher to $1,639.40 per
ounce.
"The U.S. dollar is moderately stronger and that's weighing
on the gold prices," said Bank of China International analyst
Xiao Fu.
"It's still a tug-of-war situation for gold between the
virus and the equity markets; when equity markets further sell
off, there is request for margin calls again. So it's very
unclear if there will be an upward trend, and gold is expected
to be range-bound in the near-term."
Safe-haven gains for the U.S. dollar limited gold's advance,
with the dollar index .DXY edging towards a 2% weekly rise as
global recession fears intensify. USD/
Focus now shifts to the U.S. nonfarm payrolls report due at
1230 GMT. Economists are forecasting job losses of 100,000 for
last month, a sharp reversal from gains of 273,000 in February,
according to a Reuters poll.
On Thursday, gold gained 1.2% after the number of Americans
filing claims for unemployment benefits last week shot to
another record high as more jurisdictions enforced stay-at-home
measures to curb the pandemic. Global coronavirus cases surpassed 1 million on Thursday,
with more than 53,000 deaths as the outbreak spread further in
the United States and the death toll climbed in Spain and Italy,
according to a Reuters tally of official data. "Even after the health crisis has peaked, the economic
ramifications are set to continue to be a drag on risk assets,
with emerging markets being particularly vulnerable," FXTM
analysts said in a note.
Palladium XPD= slipped 1.5% to $2,179.56 an ounce on
Friday, while platinum XPT= dipped 0.7% to $722.58. Both
metals were set to register a weekly loss.
Silver XAG= shed 0.7% to $14.43 per ounce.
European stock markets fell as more companies flagged a hit
to business from the virus, foreshadowing a deeper earnings
recession ahead of the reporting season. .EU
Reflecting investors interest in bullion, holdings of the
world's largest gold-backed exchange-traded fund, SPDR Gold
Trust GLD , rose 0.3% to 971.97 tonnes on Thursday. GOL/ETF