PRECIOUS-Gold slips 1% after robust U.S. jobs data; palladium soars

(Updates prices, adds market details)
* Nonfarm payrolls increase 266,000 in November
* Palladium scales fresh record peak of $1,880.37/oz
* Silver hits four-month low
* GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl

By Eileen Soreng
Dec 6 (Reuters) - Gold slid 1% on Friday as strong U.S. jobs
data renewed bets the Federal Reserve would stand pat on
interest rates and also boosted demand for riskier assets,
while supply-squeezed palladium soared to a new record high.
U.S. job growth increased by the most in 10 months in
November, confirming the economy remained on a moderate
expansion path despite a prolonged manufacturing slump. gold XAU= slipped 1% to $1,460.39 per ounce by 1:50
p.m. EST (1850 GMT). Bullion has fallen nearly 0.3% so far this
week.
U.S. gold futures GCcv1 settled down 1.2% at $1,465.10 per
ounce.
"The better-than-expected jobs report has dented demand for
safe-haven products such as gold," said David Meger, director of
metals trading at High Ridge Futures.
The jobs data pushed up the dollar, while U.S. stocks jumped
as the positive economic readings added to an upbeat mood after
U.S. President Donald Trump said trade talks with China were
"moving right along". USD/ .N
In a positive gesture, China said it will waive import
tariffs for some soybeans and pork shipments from the United
States. Looking ahead, the market focus will be on the Fed's meeting
on Tuesday and Wednesday next week.
The U.S. central bank is expected to keep interest rates on
hold at 1.50% to 1.75% FEDWATCH .
"The (jobs) report falls squarely to the camp of the U.S.
monetary policy hawks who do not want to see interest rates rise
anytime soon, and that is bearish for the metals market," said
Kitco Metals senior analyst Jim Wyckoff.
Lower interest rates reduce the opportunity cost of holding
non-yielding bullion and weigh on the dollar.
"On the technical side, a close below the $1,460-65 area
could open gold up to the $1,445-47 November lows, and beyond
that towards $1,400-$1,420 congestion area over the summer,"
said Tai Wong, head of base and precious metals derivatives
trading at BMO.
Elsewhere, autocatalyst metal palladium XPD= continued
scaling fresh peaks, hitting $1,880.65 an ounce for the first
time.
"The demand for palladium is typically steady and
practically price-inelastic, so it could be on its way to the
$1,900 mark. The strong jobs numbers are helping the metal since
jobs growth indicates a healthy economy and translates into more
people buying cars," BMO's Wong said.
Other metals latched on to gold's slide, with silver XAG=
falling 2.2% to $16.57 per ounce, having earlier touched a low
since Aug. 7 at $16.50.
Platinum XPT= fell 0.6% to $891.68.