PRECIOUS-Gold eyes best week in 6 months on lower dollar, Treasury yields

* U.S. April jobs data due at 8:30 am EST
* Silver eyes best week in three months
* Spot gold may test resistance at $1,830/oz - Reuters
analyst

(Updates prices)
By Sethuraman N R
May 7 (Reuters) - Gold prices on Friday extended gains after
breaching the key $1,800 level in the previous session, boosted
by a weaker dollar and lower Treasury yields, while investors
awaited U.S. non-farm payrolls data due later in the day.
Spot gold XAU= was up 0.2% at $1,817.99 per ounce by 1201
GMT, after hitting its highest since Feb. 16 earlier in the
session. Bullion has gained 2.8% so far this week, its best week
since early Nov. 2020.
U.S. gold futures GCv1 rose 0.3% to $1,820.80.
"The technical picture has brightened after gold finally
broke above $1,800. This could lead to follow-up buying by
speculative, technical investors and could also lead to more
conviction amongst ETF investors," Commerzbank analyst Carsten
Fritsch said.
The dollar index .DXY slipped to a one-week low, while
benchmark U.S. 10-year Treasury yields US10YT=RR hovered close
to a two-week low. USD/ US/
Market participants await U.S. monthly jobs report due at
08:30 a.m. EST. Economists expect 978,000 new U.S. jobs in
April, according to a Reuters poll. Data on Thursday showed weekly U.S. jobless claims dropped
to a 13-month low. "The Fed has made pretty clear that it will not react even
after strong U.S. data and the monetary policy stands for the
time being. So, even a strong U.S. payroll would not have a
meaningful negative impact on gold. But, a weaker one would be
bullish for gold," Fritsch said.
Spot gold may test resistance at $1,830 per ounce, a break
above which could lead to a gain to $1,847, according to Reuters
technical analyst Wang Tao. TECH/C .
Elsewhere, palladium XPD= fell 0.6% to $2,928.71 per
ounce, after hitting an all-time high of $3,017.18 earlier this
week.
Silver XAG= eased 0.2% to $27.25 per ounce, though the
metal has climbed more than 5% this week. Platinum XPT=
slipped 0.2% to $1,249.82.

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