* Gold bounces to 5-wk high on dollar retreat, commod gains * Chinese data boosts appeal of nominally high-risk assets * GFMS sees gold peaking above $2,000 late 2012/early 2013 (Updates throughout, changes dateline, pvs SINGAPORE) By Jan Harvey LONDON, Jan 17 (Reuters) - Gold climbed to its highest in five weeks on Tuesday as German economic data boosted the euro after several sessions of losses and as stocks and commodities were lifted by Chinese trade data, which benefited assets seen as higher risk. Spot gold was up 1.1 percent at $1,662.40 an ounce at 1047 GMT, while U.S. gold futures for February delivery were up $32.20 an ounce at $1,663.00. Gold prices are up 6.3 percent this year, touching their highest since Dec. 13 at $1,667.41 an ounce earlier in the day after falling 10 percent in December. "Interest came back in really at the start of the year," said Macquarie analyst Hayden Atkins. "That rally, from where it was looking pretty dicey into year-end, has been a reinvigoration of interest. Now (it is taking) any excuse to trade up. The interest is already there." While gold's rise since the start of the year has occurred without the benefit of a weaker dollar, it is extending gains as the euro rises versus the U.S. unit. A weaker dollar makes dollar-priced commodities cheaper for other currency holders, and boosts the metal's appeal as an alternative asset. The euro hit the day's high versus the dollar on Tuesday, and German Bund futures extended losses after a strong reading of German business sentiment suggested the euro zone's largest economy was improving in the face of the bloc's debt crisis. It is still down on the year, however, and the outlook for the single currency remained negative after Standard & Poor's downgraded the euro zone's EFSF bailout fund by one notch to AA+ following downgrades of sovereign credits on Friday. Elsewhere, stocks and commodities rose after data showed China's economic growth in the latest quarter beat expectations but was still its weakest in 2-1/2 years, potentially heralding fresh pro-growth measures from the government. "The property slowdown has gathered speed and property investment growth slowed sharply to only 12 percent year-on-year in December," said Societe Generale analyst Yao Wei. "New property starts slowed all the way to only 0.9 percent year-on-year. It indicates that in Q1 2012 the numbers will be very unpleasant. Policy easing will continue." GOLD SET TO PEAK Gold may set a record high above $2,000 an ounce in late 2012 or early 2013, but the metal is nearing the end of a decade-long run that has lifted prices by more than 600 percent, metals consultancy GFMS said on Tuesday as it released a closely watched industry report. "The report does acknowledge that the gold market is nearing the closing stages of its decade-long bull run and that, once the macroeconomic backdrop changes and investment in gold fades - probably some time next year - a secular retreat in the price will unfurl," GFMS said Supply and demand in the gold market rose 2 percent to 4,436 tonnes in 2011, the company said, as mine output rose to record levels and a leap in official sector purchases balanced a crash in implied net investment. Central bank buying was a key plank of fresh demand, its figures showed, with the official sector estimated to have bought 430 tonnes of gold last year, the most since 1964. Gold demand from India is likely to soften as we enter a less auspicious year and as the rupee weakens, GFMS said. India, the world's biggest consumer of bullion, has changed the import duty on gold to two percent of value from the earlier flat 300 rupees per 10 grams and that of silver to six percent of value from 1,500 rupees per kilogram, the government said. The changes could nearly double duties on both metals. Silver was up 1.7 percent at $30.44 an ounce. Platinum was up 2.3 percent at $1,526.24 an ounce, having earlier hit a six-week high, while spot palladium was up 2.3 percent at $651 an ounce. "We expect platinum and palladium prices to recover noticeably this year," said Commerzbank in a note. "This should be driven both by robust demand and by problems on the supply side." "By year's end, platinum is likely to cost $1,850 a troy ounce - palladium at this time should be trading at $850 a troy ounce," it added. (editing by Jane Baird)

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