PRECIOUS-Gold flat after US jobs data, up slightly for week

* U.S. non-farm payrolls beat expectations in April * ECB rate cut, Fed's stimulus offer underlying support * SPDR holdings down again, gold held by ETFs lowest Sept 2009 (New updates throughout, adds comments, second byline, dateline) By Frank Tang and Clara Denina NEW YORK/LONDON, May 3 (Reuters) - Gold traded flat on Friday, erasing earlier gains after faster-than-expected U.S. job growth, which reduced the need for the Federal Reserve to immediately boost monetary stimulus. The metal was under pressure as S&P 500 and Dow industrials rallied to intraday records after data showed the nonfarm payrolls rose 165,000 last month and the jobless rate fell to 7.5 percent, the lowest level since December 2008. Bullion was still on track to post a slight gain for the week. Earlier this week, the Fed said it would continue buying $85 billion in bonds each month and step up purchases if needed to stimulate the economy, while the European Central Bank cut its interest rate for the first time in 10 months. "If we continue to get consistently good job number, I would imagine the precious metal markets will start to come off more aggressively," said Matthew Schilling, commodities broker at futures brokerage RJ O'Brien. Spot gold was at $1,464.60 an ounce by 1:30 p.m. EDT (1730 GMT), down 0.1 percent, reversing a 1.5-percent gain to a two-week high of $1,487.80 earlier. U.S. Comex gold futures for June delivery fell $3.70 to $1,463.90 an ounce, with trading volume on track to finish below its 30-day average, preliminary Reuters data showed. The ECB's decision to cut its main interest rate by 25 basis points to a record low of 0.50 percent on Thursday came a day after the U.S. Fed's recommitment to its stimulus program. In April, the Bank of Japan stunned markets by promising to inject about $1.4 trillion into its economy to spur growth. Easy monetary policy extended gold's bull run to a 12th consecutive year last year, as investors bought bullion to hedge against inflation and economic uncertainties. Year to date, however, gold was down 12.5 percent. ETFs HOLDINGS KEEP FALLING Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, posted the deepest fall in one week, down 0.6 percent to 1,069.22 tonnes on Thursday, the lowest level since September 2009. Gold prices plunged to near $1,320 on April 16, their lowest in more than two years, after the metal's diminishing appeal as an inflation hedge prompted investors to slash holdings of exchange-traded funds. The drop in prices, however, spurred purchases of gold bars, coins and nuggets across Asia and in other parts of the world, keeping physical premiums at multi-year highs of around $3 an ounce to the spot London prices for a few weeks. Among other precious metals, silver rose 1 percent to $24.03 an ounce. Platinum inched down 51 cents to $1,493.49 an ounce, while palladium rose 0.4 percent to $691.47. Prices at 1:30 p.m. EDT (1730 GMT) LAST NET PCT YTD CHG CHG CHG US gold 1463.90 -3.70 -0.3% -12.6% US silver 24.005 0.175 0.7% -20.6% US platinum 1498.00 -2.20 -0.2% -2.6% US palladium 693.90 0.60 0.1% -1.3% Gold 1464.60 -1.64 -0.1% -12.5% Silver 24.03 0.24 1.0% -20.7% Platinum 1493.49 -0.51 0.0% -2.9% Palladium 691.47 2.47 0.4% -1.5% Gold Fix 1469.25 -7.25 -0.5% -11.7% Silver Fix 24.25 56.00 2.4% -19.0% Platinum Fix 1501.00 7.00 0.5% -1.4% Palladium Fix 694.00 7.00 1.0% -0.7% (Additional reporting by Lewa Pardomuan in Singapore; editing by James Jukwey and Marguerita Choy)