PRECIOUS-Gold gains on economic fears; investors focus on jobs report

* Platinum on track for biggest weekly decline since May
* Palladium to post weekly loss after eight weekly gains
running
* U.S. non-farm payroll data due at 1230 GMT

(Updates prices, adds quotes)
By Diptendu Lahiri
Oct 4 (Reuters) - Gold prices rose for a fourth straight
session on Friday, buoyed by safe-haven sentiment after weak
U.S. data deepened concerns over economic growth, with eyes now
turning to a jobs report that could signal further U.S. rate
cuts.
Spot gold XAU= was up 0.3% at $1,508.64 an ounce at 0653
GMT, having climbed in the previous session to its highest since
Sept. 25 at $1,518.50.
U.S. gold futures GCcv1 were flat at $1,514.60.
ANZ analyst Daniel Hynes said the disappointing economic
indicators from the United States in recent days were supporting
safe-haven buying.
U.S. services sector activity slowed to a three-year low in
September amid rising concerns about tariffs, a survey showed on
Thursday, following a sucession of poor economic data this week.

Focus now is on the U.S. non-farm payrolls report due at
1230 GMT.
"If we see weaker than expected non-farm payroll data as
well, that will support gold prices and the momentum will be
pretty strong, provided it is backed up by Fed dovishness,"
Hynes added.
Two U.S. Federal Reserve policymakers on Thursday signalled
they are open to delivering another rate cut, while Vice
Chairman Richard Clarida said the central bank "will act as
appropriate to sustain a low unemployment rate and solid growth
and stable inflation". "Given the slowdown in the global economy and geopolitical
tensions, if weak data coming out of U.S. prompts the Fed to cut
rates once again, gold will have the potential to touch the
$1,600 mark," said Vandana Bharti, assistant vice-president of
commodity research at SMC Comtrade.
Lower interest rates decrease the opportunity cost of
holding non-yielding bullion and weigh on the dollar.
The U.S. dollar .DXY was flat against a basket of major
currencies. USD/
On the trade front, meanwhile, new 25% U.S. tariffs on
Italian cheese, French wine, Scotch whisky and thousands of
other European food products will lead to higher prices ahead of
the holiday season and cost American jobs, trade groups said on
Thursday. Gold is widely considered a safe store of value during
economic and political uncertainty.
Among other precious metals, platinum XPT= fell more than
1% to $881.05 an ounce and was down more than 4% this week,
putting it on track for its biggest weekly decline since May.
Silver XAG= gained 0.2% to $17.59 and palladium XPD=
rose 0.4% to $1,659.64, set fopr a 1.5% fall on the week after
eight weekly gains.