Gold prices have risen more then 4 so far this week in global markets their biggest weekly percentage gain in over three months

Gold prices have risen more then 4% so far this week in global markets, their biggest weekly percentage gain in over three months.

After US ordered China to close its its Houston consulate this week, Beijing said the move had "severely harmed" relations and warned it "must" retaliate.

Also, the number of Americans filing for unemployment benefits unexpectedly rose last week for the first time in nearly four months, data showed on Thursday.

Gold is viewed as a safe-haven during times of political and financial uncertainty. The precious metal has also been supported by a weak dollar.

"Gold and silver may witness choppy trade as market players assess virus risks and geopolitical tensions against expectations of additional stimulus measures however the general bias may be on the upside due to weaker US dollar," Kotak Securities said in a note.

In the US, Senate Republicans are set to unveil their proposal for a fresh round of coronavirus stimulus next week, including more direct payments to Americans. Earlier this week, Europe approved a massive stimulus of over $850 billion.

Coronavirus cases continue to rise, with more than 1.54 crore people across the world have been reported to be infected by the virus while 6.3 lakh people have lost their lives. (With Agency Inputs)