LONDON: Gold prices rose on Friday and were set for their first weekly gain in four weeks as uncertainty over the passage of US tax reform pushed the dollar to a nine-day low against the yen. Two more Republican senators insisted on changes to tax cut legislation, denting confidence that it will pass in its current form.

`The US dollar is weakening a little and that`s benefiting gold,` said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

Spot gold was up 0.4 per cent at $1,257.76 an ounce at 1148 GMT and set for a weekly gain of 0.8pc. US gold futures were 0.3pc higher at $1,260.50 an ounce.

In other precious metals, silver was up 0.6pc at $15.96 an ounce and setforits Erst weekly gain in four weeks, up around 0.7pc. Platinum was 0.3pc higher at $880.74 an ounce but set for a fourth weekly fall, down 0.8pc.

Palladium was flat at $1,033.20 and but up 2.6pc this week after hitting $1,038 an ounce on Thursday, the highest since early 2001.-Reuters