Gold down on firm dollar; heads for 1st weekly drop in 5

Gold on Friday held near two-week lows as the dollar strengthened on the new U.S. administration's plans to spur growth, leaving the metal on track to end the week lower for the first time since late December.

 

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                    FUNDAMENTALS 

* Spot gold prices were down 0.1 percent at $1,186.80 per ounce at 0110 GMT. On Thursday, they fell to their lowest since Jan. 11 at $1,184.03 

* U.S. gold futures fell 0.2 percent at $1,187 per ounce. 

* The dollar index, which measures the greenback against a basket of currencies, rose 0.1 percent to 100.500, after touching a seven-week low of 99.793 in the prior session.

* New U.S. single-family home sales fell to a 10-month low in December after three straight months of solid gains, but the housing market recovery remains intact as a tightening labor market boosts wage growth.

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