PRECIOUS-Gold eases as strong US data, easing geopolitical tensions sap momentum

(Rewrites for EMEA morning session)Gold, silver and platinum poised for weekly gainsPeople say protests in Iran have abated since MondayRecord high prices keep Indian gold demand subduedBy Pablo SinhaJan 16 (Reuters) - Gold prices ticked lower on Friday, extending losses from the previous session, as stronger-than-expected U.S. economic data and easing geopolitical tensions in Iran hampered bullion’s bullish momentum. Spot gold (XAU=) eased 0.3% to $4,603.02 per ounce by 0918 GMT. However, the metal is poised for a weekly gain of about 2% after scaling a record peak of $4,642.72 on Wednesday. U.S. gold futures (GCcv1) for February delivery edged 0.4% lower to $4,606.70. “There was a lot of momentum in the (gold) market, which seems to have faded slightly at the moment….the economic news flow out of the U.S. has been causing some headwinds rather than tailwinds as of late, which is reflected in a somewhat stronger U.S. dollar,” said Julius Baer analyst Carsten Menke. The U.S. dollar (.DXY) hovered near a six-week high on the back of positive economic data on Thursday showing initial jobless claims dropped 9,000 to a seasonally adjusted 198,000 last week, below economists’ forecast of 215,000.A firmer dollar makes greenback-priced bullion more expensive for overseas buyers. On the geopolitical front, people inside Iran, reached by Reuters on Wednesday and Thursday, said protests appeared to have abated since Monday.Safe-haven gold tends to do well during times of geopolitical and economic uncertainty. Meanwhile, gold demand in India stayed muted this week as prices hit record highs again, taking the shine off retail buying, while bullion traded at a premium in China as demand remained steady ahead of the Lunar New Year. (GOL/AS) Spot silver (XAG=) shed 1.1% to $91.33 per ounce, although it was headed for a weekly gain of over 14% after hitting an all-time high of $93.57 in the previous session. “The silver market seemed very determined to reach the $100 per ounce threshold before moving lower again….speculative traders are keeping an eye on that level even though it would not be sustainable in the medium to longer-term,” Menke added. Spot platinum (XPT=) dropped 2.7% to $2,345.78 per ounce, and was set to gain more than 3.1% for the week so far. Palladium (XPD=) lost 2.6% to $1,755.04 per ounce, after hitting a more than one-week low earlier, and was headed for a weekly loss of 3.3%.