Gold price on track for biggest weekly gain since 2013.

Gold rose to a four-month high on Friday and was set to increase 4.5 percent for the week, its biggest weekly gain since August 2013, as investors sought safety from volatility in wider markets after Switzerland unexpectedly abandoned a cap on the franc.

Spot gold was up 1.3 percent at $1,277.16 an ounce at 2:27 p.m. EST (1927 GMT), after touching a four-month high of $1,281.50 earlier in the day. On Thursday, the metal rose 2.6 percent, the most in six weeks, after the Swiss National Bank's move.

U.S. gold futures for delivery in February settled up 1 percent at $1,276.90 an ounce, after a 2.5 percent rally on Thursday.
Spot silver rose 4.6 percent to $17.65 an ounce, after surging 5.5 percent to $17.81, the highest since Sept. 24.
Gold's move higher came despite a dollar up 0.5 percent against a basket of major currencies, which would normally limit gains by the metal.
"The SNB announcement has added a bit of an extra juice to the gold story but from an interest rates and equity perspective it looks like there is a more solid foundation to its strength.