July 7 (Reuters) - Gold edged lower on Monday as its safe-haven appeal was dulled by global equities that were trading close to record highs on strong economic data, while speculation over an earlier-than-expected hike in U.S. interest rates also weighed on bullion.
FUNDAMENTALS
* Spot goldslipped 0.2 percent to $1,317.94 an ounce by 0021 GMT, after posting its fifth straight weekly gain on Friday.
* Gold has been under pressure since data on Thursday showed U.S. employment growth jumped in June and the jobless rate closed in on a six-year low, decisive evidence of brisk economic growth.
* A bullish U.S. jobs report prompted several economists to toy with the idea of bringing forward their forecasts for a Federal Reserve interest rate hike, although most held firm, preferring to wait for more data.
* Speculators raised net long positions in gold by 22,573 contracts to 136,929 in the week to July 1, data from the Commodity Futures Trading Commission showed on Friday. Silver long positions rose by 11,940 contracts to 36,697.
* Gold producers will return to net hedging for the first time since 2011 this year, GFMS analysts at Thomson Reuters said.
* Among other precious metals, palladiumcontinued to trade near a 13-year high on strong demand from the auto industry where the metal is used in catalytic converters in vehicle engines.
* Palladium was boosted by last week's data that U.S. auto sales hit an eight-year high in June, and continued supply worries from major producer South Africa.
FUNDAMENTALS
* Spot gold
* Gold has been under pressure since data on Thursday showed U.S. employment growth jumped in June and the jobless rate closed in on a six-year low, decisive evidence of brisk economic growth.
* A bullish U.S. jobs report prompted several economists to toy with the idea of bringing forward their forecasts for a Federal Reserve interest rate hike, although most held firm, preferring to wait for more data.
* Speculators raised net long positions in gold by 22,573 contracts to 136,929 in the week to July 1, data from the Commodity Futures Trading Commission showed on Friday. Silver long positions rose by 11,940 contracts to 36,697.
* Gold producers will return to net hedging for the first time since 2011 this year, GFMS analysts at Thomson Reuters said.
* Among other precious metals, palladium
* Palladium was boosted by last week's data that U.S. auto sales hit an eight-year high in June, and continued supply worries from major producer South Africa.
