PRECIOUS-Gold pauses after six-day rally as yields regain upper hand

* Dollar leaps to over 15-month high

* Gold on track for second weekly gain

* Looming Fed tapering not impacting gold prices much - analyst (Recasts, adds comment and updates prices)

Nov 12 (Reuters) - Gold slipped on Friday as some investors locked in profits from a six-session long streak of gains, and an uptick in U.S. bond yields cooled safe-haven inflows into bullion driven by inflation worries.

Spot gold fell 0.7% to $1,849.36 per ounce by 1157 GMT, after hitting a five-month peak on Wednesday. U.S. gold futures dropped 0.7% to $1,851.00.

“Gold prices had gained due to a combination of factors. But if yields do continue to rise, the metal is probably not going to go much higher,” said Michael Hewson, chief market analyst at CMC Markets UK, adding gold is also seeing a “little bit of profit-taking after some really solid gains.”

Raising gold’s opportunity cost, U.S. benchmark 10-year Treasury yields held above the 1.5% mark, while the dollar index rose to its highest since July 2020.

While a stronger dollar typically makes gold more expensive for overseas buyers, bullion investors seemed to largely ignore the rally in the U.S. currency over the past couple of days as a big jump in U.S. consumer prices in October took centre-stage.

But the initial rally kept inflation-hedge gold on track for a weekly gain.

“Gold has lifted its reputation as a store of value in particular after high inflation readings from the United States, and this will give further support,” Commerzbank analyst Daniel Briesemann said.

The sharp rise in inflation has also fanned fears that the Federal Reserve could hike interest rates sooner than expected.

"(But) the fact the Fed will tighten its monetary policy here starting this month is not having such a strong effect on gold prices," Briesemann added.

Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of gold, which pays no interest.

Elsewhere, spot silver fell 1.3% to $24.91 per ounce,

platinum dropped 1.3% to $1,071.65, and palladium slipped 1% to $2,038.44. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh Kuber)