Dubai: Gold rose more than 1 percent on Friday and set for its first weekly gain in five weeks, as investors dialed back expectations for US rate hikes. Spot gold was up 1.3 percent at $4,177.31 per ounce, as of 04:16 GMT, hitting its highest level since June 23. According to Emirates News Agency, US gold futures for August delivery gained 1.6 percent to $4,190.70. Spot silver rose 2.3 percent to $62.41 per ounce, platinum gained 2.5 percent to $1,656.05, and palladium climbed 1 percent to $1,281. All three metals were near their highest levels in more than a week and were headed for weekly gains.