PRECIOUS-Gold clocks more gains ahead of U.S. data

SYDNEY Aug 30 (Reuters) - Gold started its fifth straight week in positive territory on Monday ahead of fresh U.S. economic data that could point to further economic softening.

FUNDAMENTALS

* Spot gold was quoted $1 higher at $1,236.70 by 0026 GMT versus Friday's nominal close of $1,235.70.

* U.S. gold futures for December delivery GCZ0 were also higher at $1,238.50 an ounce against $1,237.90 on Friday.

* The gold market will closely monitor a round of U.S. economic data this week for signs of inflation and economic slowing, including personal income on Monday, consumer confidence on Tuesday, auto sales on Wednesday, and August nonfarm payrolls on Friday.

* U.S. Federal Reserve chief Ben Bernanke said the economic recovery had weakened more than expected and the U.S. central bank stood ready to act if necessary to spur growth. [ID:nN27258237]

* Analysts say further quantitative easing could potentially see gold heading back towards its record high at $1,264.90 an ounce seen on June 21. [ID:nLDE67O21Q]

* The world's largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD.P: Quote) said its holdings stood at 1,298.556 tonnes as of Aug. 29 versus 1,297.948 tonnes on Aug. 26.

MARKETS NEWS