Gold amid its 5^th winning week (Reuters) (03-02-2012)

SINGAPORE - Gold prices appeared steady on Friday, on course for a fifth straight week of gains, as investors awaited a key U.S. labour market report after upbeat jobless claims data in the previous session helped send bullion to a two-month high.       

Bullion prices have risen more than 12 percent so far this year, and the climb gathered pace last week after the U.S.

Spot gold lost 0.1 percent to $1,757.49 an ounce by 0646 GMT, on course for a 1.1-percent gain from a week earlier. It hit a two-month high of $1,760.96 on Thursday while U.S. gold was little changed at $1,760.50 and headed for a 1.5 percent weekly rise.     

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose nearly half a percent to 1,277.135 tonnes by Feb 2 -- their highest since Dec.20.     

Spot palladium hit a 4-1/2-month high of $713.50, before easing to $711.97. The metal, mainly used in producing autocatalysts for gasoline-powered engines, was headed for a third straight session of gains.

Spot silver lost 0.2 percent to $34.19 an ounce, just below a 2-1/2-month high of $34.39 hit in the previous session. The metal was on course for a 1-percent weekly gain and led the precious metals complex with a 23.5-percent year-to-date increase.           

Source: Reuters