* FTSE 100 up 0.3 percent
* U.S. jobs data disappoints
* Gold miners lead rally in commodities (Recasts, adds detail and quote, updates prices)
By Kit Rees and Alistair Smout
LONDON, June 3 (Reuters) - Britain's top share index ralliedon Friday as commodity-related stocks rebounded, with preciousmetals miners in demand after a disappointing U.S. jobs report.
U.S. jobs data showed that the U.S. economy created thefewest number of jobs in more than five years in May, withnon-farm payrolls rising by only 38,000 jobs last month.Economists polled by Reuters had forecast a rise of164,000.
Such weakness in the U.S. labour market could make it moredifficult for the U.S. Federal Reserve to hike interest rates.
"This is a really bad figure and there will beconsequences," Ken Odeluga, market analyst at City Index, said,adding that he expected the Federal Reserve to soften itshawkish tone.
Britain's FTSE 100 was up 21.06 points, or 0.3percent, at 6,206.67 points by 1302 GMT, reducing gains madeearlier in the session.
Precious metals miners were in demand as investors soughtsafe-haven assets with Fresnillo and Randgold Resources rallying 5.7 percent and 4.1 percent respectively.
Mining shares gained 2.5 percent and energyshares were also up 1.6 percent as oil and copperprices rose.
Brent crude climbed above $50 a barrel to near seven-monthhighs, despite an OPEC meeting that yielded no deal on a supplyceiling. Investors took heart from Saudi Arabia's pledge not toflood the market and from a decline in U.S. crude supply.
Oil majors BP and Shell were up 2 percentand 1.4 percent respectively.
"The perkiness of its commodity sector (is) the main driverof growth this Friday... despite another display of OPEC'sineffectiveness on Thursday," Connor Campbell, financial analystat Spreadex, said in a note.
Among fallers, Marks & Spencer retreated 0.7 percentafter JPMorgan cut the retailer to "underweight" from "neutral".
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Mike Dolan, Markets Editor EMEA. (Editing by Mark Heinrich)