PRECIOUS-Gold falls more than 1% on firm dollar but on course for weekly gain

* Platinum slips from more than 4-yr high, set for 2nd
weekly gain
* Interactive graphic tracking global spread of coronavirus:
https://tmsnrt.rs/3mvcUoa

(Updates prices)
By K. Sathya Narayanan
Jan 22 (Reuters) - Gold prices fell more than 1% on Friday
as a broader market sell-off weighed on the metal along with a
firm dollar, while hopes for further stimulus from the U.S. put
bullion on track for its first weekly gain in three.
Spot gold XAU= fell 0.8% to $1,855.23 per ounce by 1:42
p.m. EST (1842 GMT), retreating from a two-week high hit on
Thursday. The metal was up 1.5% so far this week.
U.S. gold futures GCv1 settled down 0.5% to $1,856.20.
"Regardless of the asset class everything from equities to
agricultural to softs are selling off and a lot of emphasis is
on whether the stimulus could be passed and whether the
(COVID-19) vaccine rollout could be effective," said Phillip
Streible, chief market strategist at Blue Line Futures in
Chicago.
The strength in the dollar was also weighing on bullion with
benchmark U.S. Treasury yields firm above 1%, Streible said.
US/
U.S. President Joe Biden has proposed a $1.9 trillion
coronavirus relief plan, though some Republicans have expressed
concerns over the amount. Global equities benchmarks slipped from record highs and
grains futures fell, while the dollar edged higher against key
rivals. MKTS/GLOB
Elsewhere, platinum XPT= fell 2.5%, to $1,098.70 an ounce,
having hit its highest since August 2016 on Thursday. It was set
to post its second consecutive weekly gain, up 2.3%.
"As a result, the price differential to gold narrowed for a
time to $720 per troy ounce. The last time it was any lower was
in February last year," said Commerzbank analyst Carsten Fritsch
in a note.
"There was no specific trigger for the price surge. The
price may have been pushed up by technical buying after it
exceeded its previous high at $1,130."
Silver XAG= fell 1.8% to $25.47 an ounce, but was up 2.9%
so far this week. Palladium XPD= eased 0.3% to $2,356.29.