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

Jan 27 (Reuters) - 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.
    * 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
    * 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. 
    * Fears of a resurgence of euro zone inflation are
exaggerated, so winding down from stimulus has not been
discussed, a top European Central Bank policymaker said on
Thursday, even as the bank's top hawks suggested that the exit
may be close. 
    * Physical gold demand fell 20 percent last year to its
lowest since 2009, GFMS analysts at Thomson Reuters said in a
report on Thursday, as a rebound in prices blunted appetite for
the metal. 
    * China's net gold imports via main conduit Hong Kong rose
2.7 percent in December over the previous month, data showed on
    * Lonmin reported weaker than expected output on
Thursday, causing analysts to raise doubts over 2017 production
    * Switzerland's gold exports to China surged to their
highest on record in December at 158 tonnes, data from the Swiss
customs bureau showed on Thursday, nearly triple the level of
the same month a year earlier. 
    * A joint venture between Russia's top gold producer Polyus
 and state conglomerate Rostec has bought the rights to
develop Sukhoi Log, one of the world's largest untapped gold
deposits, for 9.4 billion roubles ($158 million). 
    * South African gold and platinum producer Sibanye Gold
 said on Thursday it may have to cut up to 330 jobs in
platinum operations it acquired from Anglo American Platinum
AMSJ.J and Aquarius Platinum. 
    * Industrial commodities such as oil and metals are set for
further price rises this year, while precious metals prices are
likely to fall, said World Bank senior economist John Baffes on
     0700  Germany     Import prices            Dec 
     0745  France      Consumer confidence      Jan 
     1330  U.S.        Durable goods            Dec 
     1330  U.S.        GDP Advance              Q4 

 (Reporting By Nallur Sethuraman in Bengaluru; Editing by Sonali