Gold faces first weekly decline in a month on dollar advance
* Gold on its longest losing run since Nov 2021
* Silver set for worst week in nearly 2 years
* Platinum, palladium set for weekly falls
* Dollar hits 1-month peak (Updates prices)
By Bharat Gautam
Aug 19 (Reuters) - Gold was headed for its first weekly drop in a month after hitting a three-week low on Friday, under pressure from a stronger dollar and rising U.S. bond yields as the Federal Reserve looked set for more interest rate hikes.
Spot gold XAU= fell for a fifth straight session, down 0.4% at $1,750.51 per ounce as of 1110 GMT, in what could be its longest losing streak since November 2021.
U.S. gold futures GCv1 slipped 0.4% to $1,764.60.
Dragged by the dollar's USD= renewed ascent to a one-month peak and a steady rise in benchmark U.S. 10-year Treasury yields, prices of zero-yield, greenback-priced gold dropped 2.9% this week, the most since early July.
However, "gold has shown some resilience this past week at times and may be quick to capitalise if the dollar rally fades," said Craig Erlam, senior market analyst at OANDA.
Several Fed officials said on Thursday that the central bank needs to keep raising interest rates to bring high inflation under control.
Ahead of the next Fed meeting, traders will be heavily focused on the annual Jackson Hole economic symposium, jobs data and inflation, Erlam said. "Considering how the year has been so far, a lot can therefore change ahead of the September decision."
St. Louis Fed President James Bullard said he was currently leaning toward supporting a third straight 75-basis-point rate hike next month.
The market has been complacent in expecting the Fed to slow interest rate hikes and that they would begin easing in the first half of 2023, said Quantitative Commodity Research analyst Peter Fertig. But that is absurd, considering elevated inflation, he added.
Spot silver XAG= fell 1.5% to $19.22 per ounce and has lost about 7.6% this week, possibly its worst since September 2020.
Platinum XPT= dropped 1.2% to $900.31 and palladium XPD= slipped 0.9% to $2,136.03, both set for weekly drops.
Reporting by Bharat Govind Gautam, Brijesh Patel and Swati Verma in Bengaluru; Editing by Vinay Dwivedi and Devika Syamnath