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PRECIOUS-Gold up slightly after Yellen comment, but outlook dim


NEW YORK/LONDON, Aug 22 (Reuters) - Gold prices edged up on Friday as U.S. equities slipped, but gains were limited by fears over deflation after Federal Reserve Chair Janet Yellen said U.S. labor markets remain hampered by the effects of the Great Recession.

In a speech at a central banking conference in Jackson Hole, Wyoming, Yellen said the U.S. central bank should move cautiously in determining when interest rates should rise, as economic disruption of the last five years has left millions of workers sidelined, discouraged, or stuck in part-time jobs.

Gold prices continued to hover just above a two-month low reached on Thursday. Bullion has dropped about 3 percent in the past five sessions, underperforming U.S. Treasury bonds, which are considered the preferred safe-haven investment, traders said.

"I see no reasons to own gold, which is likely to trend lower with rallies being sold. The Treasury yields at under 3 percent and crude oil prices showing signs of a recession are significant headwinds for precious metals," said Jonathan Jossen, COMEX gold options floor trader in New York.

Spot gold was up 0.3 percent at $1,280.49 an ounce by 11:29 a.m. (1529 GMT), not far from a two-month low of $1,273.06 hit on Thursday. The metal is down almost 2 percent for the week, the biggest drop since the week ended July 18.

U.S. COMEX gold futures for December delivery gained $6.10 to $1,281.50 an ounce.

Brent crude oil futures drifted further below $103 a barrel on Friday as a strong dollar and plentiful supplies continued to pressure prices. Oil prices have dropped more than 4 percent in the last ten sessions.

Among other precious metals, silver was up 0.1 percent at $19.43 an ounce. Platinum rose 0.6 percent to $1,420.50 an ounce, on track to snap a nine-day losing streak, its longest since July 2008. Spot palladium climbed 1.2 percent to $884.50 an ounce.