January 12, 2018 / 1:31 AM / a year ago

PRECIOUS-Gold up on weaker dollar, heads for 5th gain on week

    Jan 12 (Reuters) - Gold prices rose for a third straight
session on Friday on a weaker dollar, with the precious metal on
track for a fifth straight weekly gain. 
    * Spot gold        edged up 0.1 percent to $1,324 an ounce
by 0100 GMT. Prices hit a near four-month high of $1,326.56 an
ounce on Wednesday.
    * Spot gold has risen 0.3 percent so far this week. 
    * U.S. gold futures         were up 0.2 percent at $1,324.60
an ounce.
    * The dollar index       , which measures the greenback
against six rival currencies, was down 0.2 percent at 91.707,
after earlier falling to its lowest since Sept. 20, 2017 at
    * The euro jumped against the dollar as the European Central
Bank signalled it could begin to wind down its 2.5 trillion euro
 ($3.01 trillion) stimulus program this year. 
    * The ECB should revisit its communication stance in early
2018, accounts of its December meeting showed, suggesting that
policymakers could soon start preparing markets for the end of
the bank's massive stimulus.             
    * A stronger euro potentially boosts demand for gold by
making dollar-priced bullion cheaper for European investors.
    * The greenback was also under pressure after data showed
U.S. producer prices fell for the first time in nearly 1-1/2
years in December amid declining costs for services.
    * Weak inflation at the producer level could add to concerns
that the factors restraining inflation could become more
persistent and result in the U.S. Federal Reserve being more
cautious about raising interest rates this year.
    * Higher rates could dent demand for non-interest-paying
    * Brent crude prices hit $70 a barrel on signs of tightening
crude stocks but settled off that level on Thursday.      
    * Asian stocks resumed their ascent on Friday, supported by
U.S. earnings optimism and a rise in oil prices.            
    * One person was killed and part of South Africa's Royal
Bafokeng Platinum's (RBPlat)          conveyor belt was burnt
during overnight protests at one of its shafts in the country's
North West Province, the platinum producer said on Thursday.
     N/A  China  Exports, Imports, Trade Balance   Dec
     1330 U.S.   Core CPI                          Dec
     1330 U.S.   Retail Sales                      Dec

($1 = 0.8298 euros)

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Biju
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