Prices of gold and silver extended their losses on Friday after a stronger-than-expected U.S. economic data pushed the dollar higher ‍and fuelled expectations that ‍the Federal Reserve will not cut interest rates for a while.

FUNDAMENTALS

* Spot gold ​eased 0.3% to $4,601.53 per ounce by 0217 GMT. Prices are still poised for about a 2% weekly ⁠gain after scaling a record peak of $4,642.72 on Wednesday.

* U.S. gold futures for February delivery fell 0.4% to $4,605.20.

* ⁠The dollar ‌was poised for a third weekly gain on Friday after data from the U.S. Labor Department showed weekly initial jobless claims for state unemployment benefits dropped ⁠9,000 to a seasonally adjusted 198,000, below expectations of economists polled by Reuters calling for 215,000 claims.

* A firmer dollar makes greenback-priced metals more expensive for overseas buyers. Gold, a non-yielding asset, also benefits from low rates because they reduce the opportunity cost of holding ⁠it.

* Gold's safe-haven appeal weakened further ​as geopolitical tensions eased. U.S. President Donald Trump said he was informed that fatalities in Iran's protest crackdown were declining ‍and that he did not believe authorities were planning mass executions.

* China's central bank announced cuts on Thursday to sector-specific interest ​rates to provide an early boost to the economy.

* Poland's central bank wants to hike its gold reserves to 700 tons, its governor said on Thursday.

* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings nudged 0.05% higher to 1,074.80 tons on Thursday.

* Individual investors have been snapping up silver at such a pace it has turned into the most crowded commodity trade in the market, according to a report published on Thursday by Vanda Research.

* TD Securities said on Wednesday in a model portfolio update publication that it closed a short silver ⁠position after prices hit its exit level at $93.15 an ounce, ‌resulting in a theoretical loss of about $606,000.

* Spot silver shed 1.6% to $90.80 per ounce. It was headed for a weekly gain of about 13% after hitting an all-time high of $93.57 in ‌the previous session.

* ⁠Spot platinum dropped nearly 2% to $2,363.11 per ounce, while palladium fell 0.8% to $1,786.13 per ounce.

DATA/EVENTS (GMT) 0700 Germany HCIP Final ⁠YY December 1415 US Industrial Production MM December

(Reporting by Swati Verma in Bengaluru; Editing by Sherry Jacob-Phillips)