Gold Inches up on Weaker U.S. Dollar

Gold inched up on Friday as the U.S. dollar and stocks fell on a delay to stateside tax reforms, but it was still on track for a second weekly decline.

Spot gold was up 0.04% at $1,275.0601 U.S. an ounce Friday morning. On Thursday, prices for the shiny yellow metal fell 0.7% to touch their lowest since Nov. 6 at $1,270.11 U.S. The yellow metal is down 0.9% this week.

U.S. gold futures for December delivery gained 0.1% to $1,277.80 U.S.

He said the recent weakness in gold could be attributed to an ongoing rally in global equity markets boosted by "economic optimism and hopes regarding tax reform".

The Republican tax overhaul stalled on a procedural issue, putting off any votes until Friday morning. It was unclear if there would be a decisive vote on the bill on Friday.

Lower appetite for assets considered risky such as stocks boosts the appeal of assets viewed as safer, such as gold.

Silver was down 0.3% at $16.366 U.S. after matching an Oct. 6 low of $16.30 U.S. an ounce in the previous session. It was down over 3% for the week.

Palladium rose 0.6% to $1,012 U.S. and was up 1.5% for the week. Platinum was down 0.8% at $933.74 U.S. an ounce and rose 0.2% for the week.