PRECIOUS-Gold slips as upbeat U.S. data dents safe-haven demand

* Gold set for second weekly fall
* Spot gold may test support at $1,496/oz- technicals
* Investors tracking U.S. payrolls report due 1230 GMT

(Adds comment, updates prices)
By Karthika Suresh Namboothiri
Sept 6 (Reuters) - Gold prices remained under pressure on
Friday, as robust U.S. data encouraged a return to riskier
assets and hit demand for safe-haven bullion, also sending
platinum down 3%.
Spot gold XAU= was down 0.6% to $1,509.41 per ounce as of
0709 GMT, after shedding 1% to a low of $1,504.30, its lowest
since Aug. 23.
U.S. gold futures GCcv1 slid 0.5% to $1,517.90 per ounce.
Upbeat private payrolls and services industry data from the
United States sent gold prices plunging 2% on Thursday.
The declines put gold on pace for its
second straight week of losses.
"Thursday's data was positive, causing gold prices to
reduce. We now expect a lot of volatility in the gold markets,"
said Brian Lan, managing director at dealer GoldSilver Central
in Singapore.
Traders now await the monthly U.S. payrolls report due at
1230 GMT for the next snapshot on the labour market's
health. Risk appetite was also whetted by news that the United
States and China had agreed to hold high-level talks early in
October that fuelled optimism for substantial progress in
de-escalating the long, bitter trade conflict between the
two. "Softer geopolitical overtones from Hong Kong and Brexit
further alleviated risk-off sentiments," Phillip Futures analyst
Benjamin Lu said in a note, adding that gold "will remain
vigorous over global recessionary fears, heightened geopolitical
risks and dovish U.S. monetary policy in Q3."
Gold has jumped about 18% this year as the bruising trade
war has sparked fears of a global economic slowdown and
encouraged interest rate cuts by major central banks around the
world.
"Gold is still seen as a safe haven asset. A correction is
bound to happen." GoldSilver Central's Lan said.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS added 0.2%, putting it on track for a 2% weekly
gain - which would make it the best week since mid-June.
Spot gold may test support at $1,496 per ounce, a break
below which could cause a further fall to $1,453, according to
Reuters technical analyst Wang Tao. Other precious metals dipped along with gold, with silver
down 1.4% to $18.37 per ounce, after slumping 4.8% in the
previous session. The metal, which on Wednesday hit its highest
since September 2016, remained on track to end the week higher.
Palladium XPD= fell 0.7% to $1,548.94, dropping after
three straight days of gains.
Meanwhile, platinum XPT= dropped 3% to $928.25 an ounce.