Gold is about to record its biggest weekly increase in nearly two months today. Hopes for a pause in the Federal Reserve's tightening campaign increased the attractiveness of bullion amid progress on the US debt ceiling deal.

At 02:41 GMT, spot gold was stable at $1,978.74 per ounce. U.S. gold futures were little changed, also at $1,996.20. The ingot has gained 1.7% so far within the week. It is heading into its best week since the week ended April 7. Cash rose 0.1% to $23,926 per ounce and rose 2.7% for the week. Platinum fell by 0.2% to $1,004.32, while palladium remained stable at $1,393.94