Oct 1 (Reuters) - Gold prices steadied in early trade on
Thursday as a softer dollar and progress on another U.S.
coronavirus relief package countered pressure from an upbeat
U.S. private payrolls data.
FUNDAMENTALS
* Spot gold XAU= was steady at $1,884.67 per ounce by 0058
GMT.
* U.S. gold futures GCv1 were down 0.2% at $1,890.90.
* The dollar index .DXY hovered around a one-week low hit
in the previous session. USD/
* U.S. Treasury Secretary Steven Mnuchin on Wednesday said
talks with House Speaker Nancy Pelosi made progress on COVID-19
relief legislation, and the House of Representatives postponed a
vote on a $2.2 trillion Democratic plan to allow more time for a
bipartisan deal to come together. * Gold, seen as a hedge against inflation and currency
depreciation, has gained 24% so far this year, supported by
monetary stimulus from major central banks and governments.
* Latest data from ADP National Employment Report showed
U.S. private employers stepped up hiring in September.
* Another piece of data, however, showed U.S. gross domestic
product plunged at a 31.4% annualized rate in the second
quarter, the steepest drop since the government started keeping
records in 1947. * European Central Bank President Christine Lagarde set the
scene on Wednesday for a change of strategy that could align the
ECB with the U.S. Federal Reserve, possibly including a
commitment to let inflation overshoot after it has been low for
too long. * Silver XAG= rose 0.2% to $23.25 per ounce, platinum
XPT= was up 0.4% to $891.95 and palladium XPD= edged 0.2%
higher to $2,309.07.
DATA/EVENTS (GMT)
0750 France Markit Mfg PMI Sept
0755 Germany Markit/BME Mfg PMI Sept
0800 EU Markit Mfg Final PMI Sept
0830 UK Markit/CIPS Mfg PMI Final Sept
0900 EU Unemployment Rate Aug
1230 US Consumption Adjusted MM Aug
1230 US Initial Jobless Clm Weekly
1345 US Markit Mfg PMI Final Sept
1400 US ISM Manufacturing PMI Sept