* U.S. July consumer prices rise less than expected
* Platinum hits five-month high
* Silver on track for biggest weekly gain since July 2016
(Adds U.S. data, comments, updates prices) JOHANNESBURG/LONDON, Aug 11 (Reuters) - Gold prices climbed to two-month highs on Friday as investors sought refuge from escalating tensions between North Korea and the United States, while bullion also received support from weak U.S. inflation data. U.S. President Donald Trump issued a new threat to North Korea, saying American weapons were "locked and loaded" as Pyongyang accused him of driving the Korean Peninsula to the brink of nuclear war.
Spot gold was up 0.3 percent at $1,290.60 per ounce
at 1240 GMT, set for its biggest weekly gain since April. It earlier hit its highest since June 7 at $1,291.86.
U.S. gold futures gained 0.5 percent to $1,296.10.
"There is a continuation of flight to the safe havens after remarks on Thursday evening from Trump about North Korea," said Quantitative Commodity Research consultant Peter Fertig. "It's not very likely that these tensions will ease in the near future so the outlook seems supportive for gold." Geopolitical risks can boost demand for assets considered safe-haven investments, such as gold. Gold got an extra boost after data showed U.S. consumer prices rose less than expected in July, pointing to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year. "If you look at the gold price after the CPI (inflation) data, it tells you that the Fed is not going to be in any rush to increase the interest rate this year," said Naeem Aslam, chief market analyst at Think Markets. "The level which we are looking at now is $1,300."
The dollar index slipped to a one-week low on Friday
after the U.S. data.
Silver fell 0.8 percent to $16.94 per ounce after
hitting $17.24, its highest since June 14, in the previous session. It was on course for a weekly rise of about 4 percent, the biggest such gain since September 2016.
Platinum was up 1 percent at $986 per ounce after
touching $991.50, its highest since March 6. It had gained about 2 percent for the week so far.
Palladium shed 0.4 percent to $892.72 per ounce and
was on track to end the week 2 percent higher.
(Additional reporting by Nithin Prasad and Arpan Varghese in Bengaluru; Editing by Adrian Croft and Dale Hudson)