(MENAFN- ProactiveInvestors)
Gold posted its biggest weekly gain in 18 weeks as investors sought safety from volatility in wider markets after Switzerland unexpectedly abandoned a cap on the franc.
U.S. gold futures for February delivery rose 1% on Friday to settle at US$1276.90 an ounce at 1:38 p.m. on the Comex in New York after a 2.5% rally on Thursday.
Earlier the price reached US$1282.40 the highest for a most-active contract since 2nd September. This week the metal jumped 5% the most since 12th July 2013.
Silver futures for March delivery gained 3.8% to US$17.75 an ounce the biggest gain since 9th December. This week the metal jumped 8.1% the most since 16th August 2013.
On the New York Mercantile Exchange platinum futures for April delivery advanced 0.5% to US$1269.40 an ounce while palladium futures for March delivery dropped 1.6% to US$754.30 an ounce.
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