PRECIOUS-Gold eases as dollar ticks up; platinum set for over 10% weekly gain

* Gold heads for its first weekly gain in three
* Dollar set for its biggest weekly fall in eight weeks
* Platinum up over 10% for the week

(Adds comments, updates prices)
By Eileen Soreng
Feb 12 (Reuters) - Gold dipped on Friday with a firmer
dollar, while platinum was headed for its biggest weekly rise
since March 2020 on expectations for a revival in auto sector
demand.
Spot gold XAU= eased 0.3% to $1,819.16 per ounce by 2:58
p.m. EST (1958 GMT). U.S. gold futures GCv1 settled down 0.2%
at $1,823.20.
The dollar .DXY was up about 0.1%, but was set for its
biggest weekly loss in eight. USD/
The macro backdrop remains supportive, with gold prices
"likely to resume their uptrend in coming weeks given our
expectations for the dollar to weaken further alongside real
yields remaining low or negative," said Standard Chartered
analyst Suki Cooper.
"Market focus remains on the size and timing of the U.S.
fiscal stimulus, inflation expectations and progress of the
vaccine rollout," she added.
Gold was also headed for its first weekly gain in three,
helped by expectations for a $1.9 trillion U.S. coronavirus
relief package, given its status as a hedge against inflation
likely spurred by widespread stimulus. "As far as this stimulus goes it's positive for gold but
it's not new... The market is not reacting to it at the moment,"
said HSBC analyst James Steel, adding gold prices are likely to
average $1,907 for the year.
Spot platinum XPT= rose 1% to $1,247.28 per ounce after
jumping as high as $1,268.88 on Thursday, en route to an over
10% weekly rise. Palladium XPD= gained 1.9% to $2,390.36.
Both metals are used by automakers in catalytic converters
to clean car exhaust fumes.
"There's a concern about a tight market for platinum. ...
The trend is bullish, and people will be happy to keep buying
the dip," said Fawad Razaqzada, market analyst with
ThinkMarkets. Silver XAG= rose 1% to $27.21 per ounce. Silver has seen
an influx of fresh interest following a brief spike in spot
prices triggered by a retail frenzy last week. Analysts are also
betting on further gains this year from industrial demand.
GOL/ETF .