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Gold, silver slip from recent highs; but set for weekly gains

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Gold slipped from a five-week high and silver traded below its 11-month peak on Friday as the dollar strengthened against the euro, but the metals were headed for weekly gains buoyed by a rally commodities.



* Spot gold XAU= eased 0.2 percent to $1,246.20 an ounce by 0042 GMT. Gold hit a five-week high of $1,270.10 on Thursday, but pared some gains after the dollar regained ground versus the euro.

* The euro reversed course to trade lower against the dollar on Thursday after traders saw potential for the European Central Bank to eventually increase its stimulus measures if necessary. [USD/]

* For the week gold has gained 1 percent, largely on the back of silver’s near-5-percent rally this week.

* Spot silver XAG= hit an 11-month peak of $17.695 on Thursday although it also later pared gains on dollar strength.

* Silver’s rally has been spurred by a break above key chart resistance and optimism over China, where recent data has showed new debt fuelling a recovery in factory activity, investment and household spending.

* Other metals used in manufacturing have also risen on hopes of Chinese demand. Copper jumped to a four-week high, while steel soared to a 19-month top on Thursday.

* The 19-market Thomson Reuters Core Commodity Index .TRJCRB climbed to a 4-1/2-month high on Thursday before a sell-off.

* Among other precious metals, platinum XPT= was set to log its best week in seven with a 4 percent rise. It had climbed to a 9-1/2-month high of $1,043.72 an ounce on Thursday.

* Palladium XPD= was poised for a weekly rise of 7 percent, after climbing to its highest since November on Thursday.

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