Gold rises, set for biggest weekly gain since mid-April

Gold prices edged up on Friday and were on track for their biggest weekly gain since mid-April as the dollar eased and Asian stocks weakened amid ongoing political turbulence in the United States.

The metal slipped 1.1 percent on Thursday on profit-taking, its biggest one-day percentage drop since May 3 and snapping a five-day rally.

"The gold rally was overdone and there was a correction on Thursday. But perhaps, it came down a little too much from the highs of yesterday. So people started to pick up again," said Brian Lan, managing director at gold dealer GoldSilver Central in Singapore.

Spot gold had risen 0.3 percent to $1,249.76 per ounce by 0329 GMT. It was up about 1.8 percent for the week, set for its biggest weekly rise in five.

Spot gold is expected to test resistance at $1,255 per ounce, as it has stabilised around support at $1,245, according to Reuters technical analyst Wang Tao.

Platinum is down 0.2 pct at $930.50 an ounce. It was up 1.2 percent for the week and is on course to register its best weekly performance since the week ended April 14.Silver was up 0.4 pct at $16.60 an ounce, gaining 0.9 percent for the week so far.

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