LONDON: Gold took a breather on Friday after soaring 4 percent the previous day but was still set for its best week in four years.

Spot gold has gained 5.5 percent this week, the biggest such gain since October 2011. Spot gold was down 0.7% at $1,237.36 by 1001 GMT, after rising to as high as $1,260.60 an ounce on Thursday, its highest since February last year. Bullion surged to a one-year high on Thursday, its biggest single-day percentage rally since 2013.

Analysts say $1,300 could be its next target if financial turmoil continues.