Gold prices climbed 1% today on safe-haven buying ahead of a long weekend and a crucial meeting of top oil producers amid generally more positive markets driven by hopes the coronavirus pandemic is close to peaking.

Spot gold was up 0.9% at $1,660.38 per ounce by 12:05 GMT, having hit a four-week high of $1,671.40 on Tuesday. It has risen more than 2.6% this week. Most markets will be closed for Good Friday on April 10.

U.S. gold futures rose 1.3% to $1,706.50.

Gold has, on occasion, risen in tandem with equity markets recently, with wider market selloffs also seeping into precious metals as investors covered losses elsewhere.