India, Aug. 7 -- Gold climbed above $4,300 an ounce on Friday and was set for its biggest weekly gain since January on hopes of peace in the Middle East, eased inflation concerns and reduced expectations for a Federal Reserve rate hike in September.
Spot gold jumped 1.8 percent to $4,316.95 an ounce and was up more than 6 percent for the week, after hitting a seven-week high on Thursday. U.S. gold futures were up 1.9 percent at $4,377.57 an ounce.
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