Dollar uptick stalls gold's Fed-inspired rally



* Silver heads for first weekly gain in four

* Platinum down more than 1%

* Gold up 1.3% so far this week

By Nakul Iyer

July 30 (Reuters) - Gold prices edged off a two-week high on Friday, with a firmer dollar stalling the precious metal's rally after U.S. Federal Reserve Chair Jerome Powell reassured investors the central bank would remain accommodative for the time being.

Spot gold XAU= fell 0.2% to $1,824.43 per ounce by 10:05 am EDT. U.S. gold futures GCv1 eased 0.4% to $1,829.30.

But gold was still en route to a weekly gain, having hit a two-week peak on Thursday after Powell said the U.S. job market still had some ground to cover before the Fed would pull back support.

"Gold looks strong at these levels and the fact that we're so far above $1,800 and the Fed didn't really say anything that is going to change course on asset purchases or any type of rate hike adds strength to the market," said Bob Haberkorn, senior market strategist at RJO Futures.

Haberkorn, however, said data showing a rise in core inflation at a slightly slower-than-expected pace last month, coupled with a stronger dollar, was currently weighing on the precious metal.

Gold is traditionally seen as a hedge against inflation.

The dollar index .DXY , which had slipped to a one-month low earlier, was up 0.1%, reducing gold's appeal for other currency holders.

"The bar remains razor thin for a pullback in gold, as the precious metal's relatively weak price action, despite real yields hitting new all-time lows, continues to signal there is a lack of impetus from speculators to buy the yellow metal," TD Securities wrote in a note.

Gold competes with government bond yields as a safe-haven asset during uncertain times and lower yields decrease the opportunity cost of holding gold, which pays no interest.

Elsewhere, silver XAG= was steady at $25.52 per ounce and was on track for its first weekly gain in four.

Palladium XPD= fell 0.3% to $2,637.15, while platinum XPT= slipped 1.1% to $1,048.50.
Reporting by Nakul Iyer in Bengaluru; Editing by Anil D'Silva

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