* ECB signals more policy easing, weakening euro
* Asian stocks rise, crude oil extends gains
* Coming up: U.S. existing home sales at 1500 GMT
(Updates prices)
By Manolo Serapio Jr
MANILA, Jan 22 (Reuters) - Gold slipped on Friday as the
euro fell after the European Central Bank hinted at further
policy easing amid turmoil in global markets and weaker growth
across emerging economies.
Fading growth and inflation prospects will force the ECB to
review its policy stance in March, President Mario Draghi said
on Thursday, a strong signal that more easing could be coming
within months.
Draghi's comments lifted the dollar against the euro and
helped battered stocks recover some lost ground, hitting gold
which had gained earlier this week from safe-haven demand.
MKTS/GLOB
"Gold's past gains have come from uncertainties in the
market, but with this move from the ECB it's likely to pressure
gold down," said Daniel Ang, investment analyst at Phillip
Futures in Singapore.
Spot gold XAU= was off 0.3 percent at $1,097.88 an ounce
by 0642 GMT. But bullion was still up 0.8 percent for the week
after touching a 1-1/2-week peak of $1,109.20 on Wednesday.
U.S. gold for February delivery GCcv1 was flat at
$1,098.50 an ounce.
Gold had benefitted from risk aversion among investors that
sank stocks and crude oil, although slow physical demand from
major consumers China and India kept a lid on price gains.
Premiums for gold prices in China rose only slightly this
week and sellers in India offered discounts amid poor demand.
GOL/AS
Ang expects spot gold to drop below $1,000 towards year-end
due to weak physical demand and as investors scour for other
safe-havens like the Japanese yen.
"A gold-bull market that relies too heavily on safe-haven
related demand may not be sustainable in the long run," HSBC
analyst James Steel wrote to clients.
"This helps explain why we are bullish longer term but only
moderately so and rest our longer term expectations for a gold
bull market on likely euro-dollar gains, emerging market
physical demand and central bank accumulation rather than
relatively short-lived safe-haven or geopolitically inspired
demand."
Spot platinum XPT= climbed 0.9 percent to $824 an ounce
after further selling dragged the metal to a fresh seven-year
low of $806.31 on Thursday.
Palladium XPD= rose 0.6 percent to $500.50 an ounce and
silver XAG= was flat at $14.08.