PRECIOUS-Gold slides to more than 7-month low as strong yields sap appeal - Reuters

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 (Updates prices)
    * Gold set to post largest weekly fall since end-November
    * Precious metal to struggle as long as yields rise -
analyst
    * Silver on course for biggest weekly dip since mid-Jan,
down 1.5%
    * Platinum looks set to post third weekly gain

    By Nakul Iyer
    Feb 19 (Reuters) - Gold extended its losing streak to a
seventh session on Friday, sliding to its lowest since early
July as U.S. Treasury yields continued their march higher,
souring the non-interest bearing metal's appeal.  
    Spot gold        fell 0.3% to $1,769.61 per ounce by 1207
GMT, having hit its lowest since July 2 at $1,759.29 earlier in
the session. 
    The safe-haven metal has slipped 2.9% so far this week and
is on track to match November 2018's seven-day streak of daily
losses, the longest since November 2016. 
    U.S. gold futures        fell 0.5% to $1,766.90.
    "As long as yields move higher, the market is simply going
to struggle to find a footing," said Saxo Bank analyst Ole
Hansen, adding that if the metal fails to hold the $1,765 level,
a further downward move could be likely.     
    Benchmark U.S. Treasury yields             hovered near a
one-year high hit earlier this week, pushing investors into
riskier assets and away from bullion.      
    Weaker U.S. employment data that undermined recovery hopes
also failed to keep gold prices afloat.            
    But analysts say gold should still benefit from continued
loose monetary policy and low real interest rates this year. 
    Commerzbank analysts said in a note that gold's behaviour
resembled that of a tsunami, with prices receding in the first
phase before coming back all the more violently.
    Autocatalyst metal platinum        edged 0.1% down to
$1,273.50 an ounce, but was set to post its third straight
weekly gain, having hit a more than six-year peak earlier in the
week.
    "If the ongoing overall reflation focus supporting
commodities with a tight and a green theme attached to it
continues, then platinum will continue to attract investment
demand," Saxo's Hansen said. 
    Palladium        dropped 0.3% to $2,345.36 an ounce, while
silver        fell 0.2% to $26.96 and was set for its biggest
weekly decline since mid-January, slipping 1.5%. 

 (Reporting by Nakul Iyer in Bengaluru; Editing by David Evans
and Jan Harvey)
  

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