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Bullion hit all-time high of $2,395.29 per ounce

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Silver touch its highest levels since Feb 2021

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Silver, platinum, palladium set for weekly rise

(Recasts, adds analyst comment and updates prices, as of 0345

GMT)

By Sherin Elizabeth Varghese

April 12 (Reuters) - Gold prices climbed on Friday to

hit a historic peak as central bank purchases amid geopolitical

tensions sustained the momentum for the yellow metal, while

strong U.S. economic data failed to dampen bullion's allure.

Spot gold was up 0.5% at $2,384.34 per ounce, as of

0345 GMT. Bullion hit a record high 2,395.29 earlier in the

session. U.S. gold futures gained 1.2% to $2,401.80.

"One thing that is definitely fulfilling this gold buy from

central banks are the wars happening around the globe, if we

look through the history this always happened as gold is a safe

haven," ACY Securities analyst Luca Santos said.

Despite recent hot inflation data and a strong U.S. jobs

report last week stirring more questions on the feasibility of

rate cuts this year, bullion is poised for a fourth straight

weekly rise and has gained over 15% so far for the year.

"We expect gold prices to rise in the next two months. From

a technical perspective, this rally is a result of gold prices

breaking out of a record 42-month consolidation period. It's

like a coiled spring being let loose now," said Vincent Tie,

sales manager at dealer Silver Bullion.

Higher interest rates reduce the appeal of holding

non-yielding gold.

Elsewhere, the European Central Bank held interest rates at

a record high but signalled it could start cutting as soon as

June.

Spot silver rose 1% to $28.75 per ounce, hitting its

highest levels since Feb 2021.

"As with past precious metal price rallies, silver will

outperform gold once it breaks out. We are already seeing

customers privy to this behaviour positing themselves in silver

in past months," said Tie.

Platinum rose 0.7% to $986.65 and palladium

edged 0.1% higher to $1,049.83. All three were on track for a

weekly gain.