Gold prices inched down early on Friday to hover around their lowest in nearly two months, with investors waiting for key U.S. non-farm payrolls data later in the day.

FUNDAMENTALS

* Spot gold had fallen 0.2 percent to $1,222.65 per ounce by 0104 GMT. It has dropped 1.5 percent this week and could be heading for its biggest weekly decline since early May.

* U.S. gold futures for August delivery declined 0.1 percent to $1,222.40 per ounce.

* The dollar was steady in early Asian trade on Friday, on track for weekly gains but likely to tread water throughout the day as investors braced for the monthly U.S. employment numbers.

* An increase in taxes on gold sales in India could curb short-term demand from the world's No. 2 consumer of the metal.

* European Central Bank policymakers are open to a further step towards reducing their monetary stimulus but are likely to move slowly out of fear of causing market turmoil, minutes of their last meeting showed on Thursday.

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