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Gold scaled a one-month peak on Friday en route to its biggest weekly gain in three weeks as renewed US-China trade tensions added to concerns about a deep economic slump during the novel coronavirus pandemic.

Spot gold climbed 0.8% to $1,743.16 per ounce by 11:30 a.m. EDT (1530 GMT). During the session it hit its highest since April 14 at $1,746.29. Bullion has risen over 2% so far this week.

US gold futures were 0.8% higher at $1,754. "While subdued physical demand and central bank buying may have slowed its ascent, there's very little reason to sell gold in a time of unprecedented public largesse and deteriorating relations between the world's economic superpowers," said Tai Wong, head of base and precious metals derivatives trading at BMO.

SPDR Gold Trust holdings, the world's largest gold-backed exchange-traded fund, jumped 1.2% to 1,104.72 tonnes on Thursday - its highest in more than seven years.

Elsewhere, palladium climbed 1.5% to $1,862.55 per ounce, but was on track to post its seventh straight weekly drop.

Platinum rose 1.4% to $778.42 per ounce. Silver jumped 4% to $16.50, having hit a more than two-month peak of $16.59 earlier.

Copyright Reuters, 2020

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