* Spot gold down nearly 3 percent for the week
* Spot gold looks neutral in $1,173-$1,182/oz range- technicals
* Silver, platinum, palladium set for weekly losses
(Adds comments, updates prices)
By Apeksha Nair
BENGALURU, Aug 17 (Reuters) - Gold eked out small gains in Asian
trade on Friday after declining to a 19-month low in the previous
session, but the metal remained on track for its biggest weekly
decline since mid-2017.
Spot gold was up 0.1 percent at $1,175.22 an ounce, as of 0637
GMT, while U.S. gold futures were down 0.2 percent at $1,181.30 an ounce.
For the week, spot gold has shed 2.9 percent in what could be its
sixth consecutive weekly decline. It hit its lowest since January 2017
at $1,159.96 on Thursday on some aggressive stop-loss selling.
"Investors, businesses and perhaps a lot of people are
looking to pick up gold and that's why we're seeing some
support," said Brian Lan, managing director at dealer GoldSilver
Central in Singapore.
A mild correction in the dollar, after the currency gained against
most peers this week, also lent support to gold's recovery. A weaker
dollar makes greenback-denominated gold cheaper for holders of other
The dollar edged further away from a 13-1/2-month high hit earlier
this week, as risk aversion eased after China agreed to hold
lower-level trade talks with Washington this month, offering hope that
they might resolve an escalating tariff war.
Weakness in emerging-market currencies amid the Sino-U.S. trade
spat and Turkey crisis has seen investors pour money into the U.S.
dollar, leading the greenback to serve as a safe-haven asset during uncertainty.
"The dollar is still trending higher and is the safe-haven
vehicle of choice, so gold is still under pressure from that
source," said Nicholas Frappell, general manager with ABC Bullion.
"It's reasonable to expect (gold) prices to retrace some of
the recent aggressive move-down in the short-term, but there doesn't
seem to be evidence for a sustained move higher yet."
Spot gold looks neutral in a range of $1,173-$1,182 per ounce, and
an escape could suggest a direction, Reuters technicals analyst Wang
Meanwhile, trade-talk hopes kept Asian stocks buoyed on Friday,
which also drew confidence from a sustained recovery in the Turkish
lira after it plunged to a record low earlier this week.
Finance Minister Berat Albayrak assured international investors on
Thursday that Turkey would emerge stronger from its currency crisis,
insisting its banks were healthy and signalling it could ride out a
dispute with the United States.
Among other precious metals, silver inched up 0.2 percent to
$14.64 an ounce, but was headed for its biggest weekly decline since
Platinum rose 0.4 percent to $780 an ounce, but was on track
for its biggest weekly drop since November 2015.
Palladium was up 0.1 percent at $890.50 an ounce, but stayed on
track to post a weekly fall.
(Reporting by Apeksha Nair and Sumita Layek in Bengaluru; Editing by
Amrutha Gayathri and Subhranshu Sahu)
((Apeksha.Nair@thomsonreuters.com; within U.S. +1 651 848 5832,
outside U.S. +91 80 6749 6408/1298; Reuters Messaging: email@example.com))