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PRECIOUS-Gold steady as dollar, bond yields retreat after U.S. jobs data

June 7 (Reuters) - Gold prices held steady on Monday, helped by a pullback in the dollar and lower bond yields after a weaker-than-expected U.S. monthly jobs report calmed investor fears over tightening of monetary policy.

FUNDAMENTALS

* Spot gold was flat at $1,890.62 per ounce, as of 0042 GMT.

* U.S. gold futures edged 0.1% higher to $1,893.50 per ounce.

* The dollar index dropped from a three-week high against its rivals, making gold less expensive for holders of other currencies.

* The benchmark 10-year yield slipped below 1.6% and was hovering near a one-week low, reducing the opportunity cost of holding non-interest bearing gold.

* U.S. employers increased hiring in May and raised wages as they competed for workers. But the nonfarm payrolls increase of 559,000 jobs was below the 650,000 forecast of economists polled by Reuters.

* Democrats will start the process on Wednesday of preparing an infrastructure bill for a vote in the U.S. House of Representatives, with or without Republican support, U.S. Energy Secretary Jennifer Granholm told CNN.

* U.S. Treasury Secretary Janet Yellen said that President Joe Biden’s $4 trillion spending plan would be good for the United States, even if it contributes to rising inflation and results in higher interest rates, Bloomberg News reported.

* Last week, Indian gold dealers offered the biggest discounts in 8-1/2 months as COVID-related restrictions stifled consumption, while top consumer China flipped to a discount for the first time since late January.

* Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.1% to 1,043.16 tonnes on Friday.

* Speculators raised their net long positions in COMEX gold in the week ended June 1.

* Silver eased 0.1% to $27.74 per ounce, palladium dipped 0.2% to $2,838.92, while platinum rose 0.6% to $1,169.36.

DATA/EVENTS (GMT) 0600 Germany Industrial Orders MM April 0730 UK Halifax House Prices MM May

China Exports, Imports YY May

China Trade Balance May (Reporting by Brijesh Patel in Bengaluru, Editing by Sherry Jacob-Phillips)

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