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PRECIOUS-Gold hits one-week high on weaker dollar, economic concerns

    * Gold has gained about 1.9% so far this week
    * Bullion set for first weekly rise in five weeks
    * Silver, platinum and palladium also set for weekly gains
    * U.S. dollar headed for worst week since early February

 (Updates prices)
    By Swati Verma
    May 20 (Reuters) - Gold prices rose to a one-week high on
Friday as dollar weakened, while growing economic concerns put
bullion on track for its best week since atleast late-March.
    A weaker greenback makes bullion attractive for overseas
buyers, while gold is also considered a safe haven during times
of political and economic uncertainty.
    Spot gold        was up 0.2% at $1,846.09 per ounce by 1229 
GMT, after climbing about 1.9% in the last session. U.S. gold
futures        rose 0.2% to $1,844.20.
    Recession fears have grown recently and because of the
volatility in equity markets there will be more interest in
gold, said Xiao Fu, head of commodities markets strategy at Bank
of China International.
    A stronger-than-expected U.S. jobless claims data has also
underlined the risks to economic growth, she added.             
    The U.S. dollar was headed for its worst week since early
February, with a global equities gauge set for its longest
weekly losing streak on record amid investor worries about
slowing growth and high inflation.                   
    "The fact that the U.S. dollar has been noticeably weaker
since yesterday is lending tailwind (for gold)," Commerzbank
analysts said in a note. 
    Gold has gained about 1.9% so far this week, recovering from
3-1/2-month lows hit earlier in the week.
    Data showed holdings of SPDR Gold Trust      , the world's
largest gold-backed exchange-traded fund, rose 0.7% on Thursday,
its first inflow since April 19.          
    "It remains to be seen whether this will turn out to be more
than just a flash in the pan. Any lasting price recovery would
require ETF investors to return," Commerzbank said.
    Spot silver        added 0.2% to $21.93 per ounce, and was
up about 3.8% for the week. 
    Platinum        rose 0.1% to $963.56, while palladium       
eased 0.7% to $1,993.28. Both were set for weekly gains.

 (Reporting by Swati Verma in Bengaluru, additional reporting by
Roshan Abraham; Editing by Vinay Dwivedi)
  
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