PRECIOUS-Gold retreats on stronger dollar; US jobs data, Powell speech in focus

* Fed minutes bolster hopes for Sept rate cut * U.S. weekly jobs data due at 1230 GMT * Dollar up from near 8-month low (Updates prices and graphics) By Daksh Grover Aug 22 (Reuters) - Gold prices fell on Thursday as the U.S. dollar edged higher, while traders took positions ahead of U.S. jobs data and comments from the Federal Reserve chief that could offer further clarity on the depth of a likely September rate cut. Spot gold XAU= was down 0.2% at $2,507.72 per ounce, as of 0705 GMT, trading below a record high of $2,531.60 hit on Tuesday. U.S. gold futures GCcv1 eased 0.1% to $2,544.10. Market participants are now awaiting U.S. initial jobless claims data, due at 1230 GMT, and Fed Chair Jerome Powell's comments on Friday at the Jackson Hole Economic Symposium. Gold could receive another boost if the U.S. unemployment data shows further softness in the labour market after recent downward revisions to payroll figures, said City Index senior analyst Matt Simpson. The dollar index =USD was up 0.2% after touching its lowest since late December on Wednesday, with minutes from the Fed's July 30-31 meeting showing officials were strongly inclined toward a rate cut next month. USD/ "The minutes from the (Fed) meeting in July, you get the sense that the Fed is ready to cut rates ... the Fed must now start to cut or else it will over tighten and end up hurting the economy unduly," said Ilya Spivak, head of global macro, Tastylive. Traders have fully priced in Fed easing in September, with a 62% chance of a 25-basis-point cut, according to CME FedWatch tool. The uptrend in gold has significantly lost momentum, with limited factors driving prices higher, said Brian Lan at Singapore-based dealer GoldSilver Central. SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, said its holdings fell for a second straight session on Wednesday. GOL/ETF Among other metals, spot silver XAG= shed 0.76% to $29.4 per ounce, platinum XPT= edged 0.3% lower to $961.15 and palladium XPD= fell 0.2% to $949.70. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Spot gold price in USD per oz https://reut.rs/4cDvfJF ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Daksh Grover in Bengaluru; additional reporting by Swati Verma; Editing by Sherry Jacob-Phillips, Sonia Cheema and Subhranshu Sahu) (([email protected];))