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Gold prices held steady on Friday ahead of the weekend’s G20 summit and US-China trade talks while platinum surged more than three per cent.

However, bullion was on track to mark its best month in three years, up eight per cent in June alone, on the back of expectations the US Federal Reserve would ease monetary policy.

Prices were up 9.1 per cent in the quarter – its biggest percentage gain since the first quarter of 2016.

Spot gold was little changed at $US1,409.33 per ounce.

Prices surpassed the key psychological $US1,400 level earlier this week to reach $US1,438.63 for the first time in six years.

US gold futures settled 0.1 per cent higher to $US1,413.70 per ounce on Friday.

“There is some nervousness and uncertainty floating around the trade war. … We have seen a flock to safe haven as trade tensions continue,” said David Meger, director of metals trading at High Ridge Futures.

Any easing of trade tensions could take away some safe haven demand for the precious metal, Meger added.

The US dollar was little changed, set for its weakest month since the start of 2018.

Bets on interest rate cuts by the Fed have pushed the US dollar index down 1.7 per cent this month.

A weaker US dollar makes greenback-denominated gold more attractive for buyers with other currencies.

“We are still seeing huge investor interest in the precious metal. Markets are pricing in growing expectation for two interest rate cuts to the Fed’s base rate in the next few months,” said Carlo Alberto De Casa, chief analyst with ActivTrades.

“We can now see a first support area at the psychological threshold of $US1,400, while the first resistances are placed at $US1,424 and $US1,440, the recent peaks.

Silver rose 0.3 per cent to $US15.30 per ounce.

It has gained five per cent in June alone, its biggest monthly gain so far in the year.

Palladium was down 0.5 per cent to $US1,543.01.

Platinum gained more than three per cent to $US839.76, its highest since May 16.

“The surge in gold prices has caused traders to reassess the whole precious metals space,” said Rob Lutts, chief investment officer at Cabot Wealth Management, adding that growing demand for electric vehicle parts was also lifting platinum prices.

Traders would be watching out for Tesla Inc’s production figures expected next week, which could indicate demand for electric vehicles, and hence industrial demand for platinum and palladium, analysts said.