Gold prices were on track for their first weekly rise in a month on Friday after uncertainty over U.S. tax reform pushed stock markets lower and weakened the dollar, making bullion cheaper for holders of other currencies.
Spot gold dipped 0.03 percent at $1,284.5601 an ounce at 9:30 a.m. ET but up 1.2 percent this week after touching $1,288.34 on Thursday, its highest since Oct. 20.
U.S. gold futures for December delivery were 0.21 percent lower at $1,284.80.
The dollar was set for its first weekly fall since early October after U.S. Republican senators said they wanted to slash the corporate tax rate in 2019, later than the House's proposed schedule of 2018, complicating a push for the biggest overhaul of U.S. tax law since the 1980s.
Uncertainty over the tax plans also hit U.S. stock markets and helped end the longest run of global share price gains since 2003.
Rising share prices have prompted investors to divert money from gold, but some worry that a correction is overdue.
Further share price falls would likely push up gold, seen as a safe investment in times of uncertainty, said Saxo Bank analyst Ole Hansen.