PRECIOUS-Gold hits 1-year low, headed for fourth weekly loss

    * Gold poised to break below $1,200/oz - ANZ 
    * Spot gold down 1.4 percent on week
    * Silver heads for eighth weekly decline

 (Adds detail, updates prices)
    By Apeksha Nair
    BENGALURU, Aug 3 (Reuters) - Gold prices fell to their
lowest in over a year on Friday amid a resilient U.S. dollar and
were headed for a fourth straight weekly loss. 
    Spot gold        was down 0.1 percent at $1,206.05 an ounce
at 0644 GMT, after earlier dropping to the lowest since July
2017 at $1,204.91. For the week, the precious metal was down
about 1.4 percent.
    U.S. gold futures         were 0.5 percent lower at
$1,214.10 an ounce on Friday.
    "Support for gold disappeared as a stronger U.S. dollar
weighed on investor appetite. Gold prices fell below $1,210/oz
and now appear destined to break below the key psychological
barrier of $1,200/oz in the coming days," ANZ analysts said in a
    The dollar climbed to a two-week high against a basket of
major currencies and scaled a 14-month peak versus the Chinese
yuan as worries about an escalation in trade tensions between
the United States and China supported the U.S. currency.       
    The greenback was also supported by strong U.S. economic
data and outlook for higher interest rates. Higher U.S. rates
tend to boost the greenback, in which the metal is priced.
    "The most recent data suggests continued weakness for gold
amid a stronger U.S. dollar index," said John Sharma, an
economist at National Australia Bank.  
    Spot gold may break a support at $1,206 per ounce and fall
more towards the next support at $1,194, as it has resumed its
downtrend from $1,309.30, according to Reuters technicals
analyst Wang Tao.             
    Meanwhile, Asian stocks were under pressure on Friday from
the latest exchange of trade threats between Beijing and
    China vowed on Thursday to retaliate if the United States
acted on a threat to raise tariffs on the Asian nation's
exports, fuelling fears in financial markets that the trade war
between the world's two biggest economies would escalate.
    Elsewhere, the Bank of England pushed interest rates above
their financial crisis lows on Thursday, but signalled it was in
no hurry to raise them further as Britain heads for Brexit next
year with no clear plan for leaving the European Union.
    Among other precious metals, silver        fell about 0.2
percent to $15.27 an ounce and was on track for an eighth
straight weekly decline, its longest weekly losing streak since
at least late 2000.
    Platinum        was unchanged at $821.80 an ounce while
palladium        rose 0.2 percent at $912.97 an ounce. Both the
metals were, however, headed for weekly losses.

 (Reporting by Apeksha Nair in Bengaluru; Editing by Subhranshu
Sahu and Vyas Mohan)