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 set for its first 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.

Published in Dawn, December 16th, 2017