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2018.02.1602:27:00UTC+00Gold prices on track for biggest weekly gain in two years

Gold prices increased on Friday, poised for their biggest weekly percentage gain in almost two years, lifted by a weaker U.S. dollar and as investors looked to hedge against inflation.

Spot gold climbed 0.4 percent to $1,358.74 per ounce, after touching a three-week high of $1,359.47. The metal is up over three percent this week, set for its best weekly performance since the week ended April 29, 2016.

U.S. gold futures were 0.5 percent higher at $1,361.60 per ounce.

Spot gold has gained four percent from a one-month low of $1,306.81 last week, mostly on a softer dollar.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, dropped 0.29 percent to 821.30 tonnes on Thursday from Wednesday.

Among other precious metals, spot silver increased 0.2 percent to $16.91.

Platinum was up 0.6 percent at $1,006.90, after reaching its highest since Feb. 1 at $1,007.40.

Palladium rose 0.2 percent at $1,020. The metal has gained 4.5 percent this week, its best since week-ended Oct. 13.

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