* Gold down about 1.7% so far this week

* Iran vows to keep Strait of Hormuz closed

* Delayed US January PCE data due later today

(Updates for EMEA session trade)

By Ishaan Arora

March 13 (Reuters) - Gold was on track for a second

straight weekly loss, even as it edged higher on Friday, as

surging oil prices dampened rate cut bets and caused investors

to cover margin calls, while a rising dollar and U.S. yields

also pressured prices.

Spot gold was up 0.2% at $5,087.61 per ounce, as of

0927 GMT, but was set for a 1.7% weekly drop. U.S. gold futures

for April delivery fell 0.16% to $5,092.60.

"Gold is being used (as) a way of getting quick cash when

you've got losses elsewhere given equity markets have been soft,

while oil above $100 also increases expectations for further

inflationary pressures and by extension a rollback in rate

cuts," said independent analyst Ross Norman.

Iran vowed to keep the Strait of Hormuz closed, stoking

global energy supply and risk asset concerns. Asian equities

were heading for a second straight weekly loss as the

U.S.-Israeli war on Iran neared the two-week mark with drone and

missile strikes across the Middle East.

Oil prices, as a result, headed for weekly gains, despite

the U.S. trying to ease supply concerns by issuing a 30-day

license for countries to buy Russian oil and the IEA agreeing to

release a record 400 million barrels from strategic stockpiles,

which includes a 172-million-barrel U.S. contribution.

While recent inflation data suggest price growth is under

control, the spike in crude prices has yet to filter through.

Investors await the release of delayed January Personal

Consumption Expenditures figures later on Friday.

Traders expect the Federal Reserve to keep rates steady at

its two-day meeting next week, CME Group's FedWatch tool shows.

The dollar rose to a three-month high while 10-year U.S.

Treasury yields were at a near six-week high.

"The dollar is being seen as the go-to safe haven which

means gold weakness, though (bullion) should remain well

supported north of $5,000," Norman added.

Spot silver fell 1.3% to $82.66 per ounce. Platinum

lost 2.3% to $2,081.25 and palladium shed 0.7% to

$1,605.90.