PRECIOUS-Gold slides to two-week low, faces biggest weekly loss in a month

* Silver hits over 5-month low, platinum falls to 2-month
trough
* Platinum set to mark worst week in 9-months
* Palladium down 19% from record peak in March
* Bullion down 0.7% so far this week

(Updates prices)
By Brijesh Patel
May 17 (Reuters) - Gold prices on Friday slipped to their
lowest in two weeks as the dollar advanced on the back of strong
U.S. economic data, putting the metal on track for its biggest
weekly decline in a month.
Spot gold XAU= fell 0.8% to $1,276.25 per ounce as of 1:46
p.m. EDT (1746 GMT), having dropped to its lowest since May 3 at
$1,274.51 earlier in the session. The metal is down 0.7% for the
week so far, which could be its biggest weekly decline since
April 19.
U.S. gold futures GCcv1 settled down 0.82% at $1,275.70 an
ounce.
"The dollar has strengthened due to relatively strong U.S.
economic reports and little relaxation in geo-political
tensions, all these combined has put downward pressure on gold
prices," said Jeff Klearman, portfolio manager at GraniteShares.
The dollar index .DXY gained, holding near a two-week high
against a basket of currencies, making gold more expensive for
holders of other currencies. USD/
U.S. consumer sentiment jumped to a 15-year high in early
May amid growing confidence over the economy's outlook, data
showed on Friday. Spot gold fell 0.8% on Thursday, its biggest one-day
percentage decline since mid-April, as strong economic data from
the United States spurred investors towards riskier assets.
The falls in gold over the past couple of sessions has
dented the technical picture for the metal, analysts said.
"Bullion prices had broken the bearish trendline that had
marked the last few months," Carlo Alberto De Casa, chief
analyst with ActivTrades, wrote in a note.
"A clear recovery to the $1,300 level, and prices holding
above this psychological threshold, would confirm the supportive
scenario seen in the last two weeks, while a fall below $1,280
would be seen as a negative element."
Meanwhile, world share markets pulled back as trade tensions
were renewed after Chinese media took a hardline approach to the
tariff dispute between the United States and China. MKTS/GLOB
"Despite the risk-off sentiment in the market we are not
seeing any underline support coming (for gold). However the
geo-political tensions with Iran and ongoing trade talks with
China could provide some support going forward," said Alex
Turro, market strategist at RJO Futures.
Among other metals, silver XAG= dropped 1% to $14.41 an
ounce, after hitting its lowest since Dec. 6 at $14.38 an ounce.
Silver is also on track for a decline of more than 2% for the
week, its biggest since March 1.
Platinum XPT= dipped 1.9% to $813.50 per ounce, having hit
a more than two-month low at $812.50 earlier in the session.
Palladium XPD= slipped 1.4% to $1,312.51 an ounce. The
metal used in catalytic converters in car exhaust systems has
slumped about 19% from a record high of $1,620.53 hit in March.
Both platinum and palladium are set to record weekly falls,
with platinum on course for its biggest such drop since
mid-August 2018.