PRECIOUS-Gold poised for third weekly gain as markets look to Trump inauguration

Updates for market close

By Daksh Grover and Anushree Mukherjee

Jan 17 (Reuters) - Gold prices were pressured by an uptick in the U.S. dollar on Friday, but remained on track for a weekly gain as uncertainties around incoming President Donald Trump's policies and renewed bets of further rate cuts lifted bullion above the key $2,700 level.

Spot gold XAU= eased 0.4% to $2,701.03 per ounce by 03:10 p.m. ET (2010 GMT), while U.S. gold futures GCcv1 settled 0.1% lower to $2,748.70.

"The pullback today is not significant, but more of a profit-taking move than anything else, maybe helped by the dollar being a little higher in the day, adding some light pressure," said David Meger, director of metals trading at High Ridge Futures. USD/

Gold hit over one-month high on Thursday, $65.6 away from its all-time high of $2,790.15 hit in October. Prices have gained 0.5% so far for the week, their third straight weekly gain after softer-than-expected U.S. core inflation figures on Wednesday intensified speculation of more than a single rate cut from the Fed.

Traders are pricing in two rate cuts by year-end, with Fed Governor Christopher Waller hinting at the possibility of more cuts should economic data weaken further. FEDWACH

Markets now keenly await Trump's inauguration on Jan. 20, and his broad trade tariffs are expected to further ignite inflation and trigger trade wars, potentially increasing bullion's safe-haven appeal.

"The uncertainty in regard to the policies that President Trump is going to put in place has been one of the supportive factors for gold," Meger added.

Non-yielding gold, often seen as a hedge against inflation and political uncertainty, benefits from lower interest rates.

"There are question marks about the state of tariffs, how they'll be implemented. Many investors are looking to gold as a way of hedging some of the downside risks, should these new policies be damaging to growth," said Nitesh Shah, commodity strategist at WisdomTree.

Spot silver XAG= slipped 2% to $30.17 per ounce, palladium XPD= rose 1% to $949.99 while platinum XPT= added 0.9% to $940.28.

(Reporting by Anjana Anil, Daksh Grover and Anushree Mukherjee in Bengaluru, additional reporting by Swati Verma; Editing by Shreya Biswas, Vijay Kishore and Shailesh Kuber)

((Anjana.Anil@thomsonreuters.com;))