PRECIOUS-Gold heads for 3rd week of losses amid signs of recovery

* U.S. non-farm payrolls data due at 1230 GMT
* Silver faces first weekly decline in five
* $1,670 key support, $1,750 key resistance for gold -
analyst
* For an interactive graphic tracking the global coronavirus
spread, open https://tmsnrt.rs/3aIRuz7 in an external browser

(Adds details, comment; updates prices)
By Harshith Aranya
June 5 (Reuters) - Gold eased on Friday ahead of a key U.S.
jobs report and looked set for a third consecutive weekly
decline as hopes for an economic recovery stoked interest in
assets seen as higher risk, like stocks, at the metal's expense.
Spot gold XAU= was down 0.2% at $1,708.07 per ounce as of
0700 GMT, while U.S. gold futures GCcv1 slid 0.9% to
$1,711.80.
Bullion has declined about 1% so far this week, and is on
track for its biggest fall since the week ending May 1.
However, spot prices remain just 3% below the seven-year
high they hit last month after central banks released a wave of
stimulus measures to combat a coronavirus-linked slowdown.
"Gold prices have been under pressure after a miraculous
stock market run," said Edward Moya, senior market analyst at
broker OANDA.
Despite some losses earlier in the session, Asian equities
were poised for their biggest weekly rise since 2011.
MKTS/GLOB
Investors are now awaiting U.S. nonfarm payrolls data for
May due at 1230 GMT. Payrolls are seen falling by 8 million
after a record 20.537 million plunge in April, according to a
Reuters survey. The data comes ahead of a two-day policy meeting of the U.S.
Federal Reserve next week. The European Central Bank on Thursday
approved a larger-than-expected expansion of its stimulus
package.
More stimulus and lower interest rates tend to benefit gold,
which is often seen as a hedge against inflation and currency
debasement.
However the massive central bank stimulus to bolster
coronavirus-ravaged economies has also boosted risk appetite,
curbing some demand for safe-haven assets.
"Gold prices have levelled off in past few weeks," said ANZ
commodity strategist Soni Kumari. "We see $1,670 as the key
support and $1,750 as the key resistance."
In other metals, palladium XPD= rose 0.5% to $1,942.46 per
ounce, and platinum XPT= climbed 0.2% to $838.49.
Silver XAG= fell 0.2% to $17.69, and was set for its first
weekly decline in five.