PRECIOUS-Gold dips 1% as U.S. dollar and yields regain footing

* Silver on track for first weekly gain in four
* Platinum on track to post largest weekly gain in four
weeks
* Investors await U.S. Federal Reserve meeting next week

(Updates prices)
By Asha Sistla
March 12 (Reuters) - Gold fell more than 1% on Friday after
a rebound in U.S. Treasury yields and the dollar index sent the
metal back towards 9-month lows hit earlier in the week, dimming
optimism the U.S. stimulus bill would send prices up.
Spot gold XAU= was down 1% to $1,704.56 per ounce at 1347
GMT. The metal slumped to a nine-month low of $1,676.10 on
Monday. U.S. gold futures GCv1 slipped 1.1% to $1,704.10.
"A reversal in both the dollar and U.S. yields has taken the
shine off gold notwithstanding the agreement on the stimulus
bill, and even expectations of further fiscal stimulus as well.
Those things haven't really assisted gold," said Ross Norman, an
independent analyst.
Benchmark U.S. Treasury yields US10YT=RR rose back towards
a more than one-year peak hit on March 5, increasing the
opportunity cost of holding gold, while the dollar .DXY
rebounded from an one-week low. US/ USD/
President Joe Biden on Thursday signed his $1.9 trillion
stimulus bill into law and said he was working to speed COVID-19
vaccinations and move the United States closer to normality by
July 4. Investors are now awaiting the U.S. Federal Reserve meeting
next week for direction on its monetary policy.
"The implementation of Biden's pandemic relief bills is
stoking fears of a massive supply of bonds hitting the market,
as well as rising inflation," ANZ analysts said in a note.
"The continued rollout of vaccines is also supporting the
labour market, thus diminishing support for safe-haven assets."
Silver XAG= fell 2.1% to $25.52 an ounce, but was on track
for its first weekly gain in four. Palladium XPD= rose 0.3% to
$2,352.29.
Platinum XPT= slipped 0.4% to $1,190.72 an ounce, but was
set to post its largest weekly increase in four weeks, up 4.9%.