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Gold Set for First Weekly Gain in Four Weeks

Gold was trading flat on Friday as the U.S. dollar strengthened, but was on track for its first weekly gain in four weeks on steady buying from China and exchange-traded funds.

Spot gold was up 0.1% at $1,266.61 U.S. an ounce, on its way to a weekly gain of 1%.

U.S. Federal Reserve policymakers have heavily tipped that the central bank will raise U.S. rates in December.

Gold is highly sensitive to rising rates, which increase the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

In other precious metals, spot silver fell 0.2% to $17.48 U.S.

Platinum was down 0.4% at $930.60 U.S. Palladium fell as much as 1% to touch a low of $621.50 U.S., its worst since July 13.