(Updates prices) * Silver set for 1st weekly gain in four * POLL-Dollar weakening expected to last into 2021 * Gold, precious metal funds see biggest outflows in 7-1/2 years -Lipper By Asha Sistla Dec 4 (Reuters) - Gold prices steadied in a tight range on Friday and were set for their first weekly gain in four as the dollar weakened on expectations of additional U.S. stimulus. Spot gold was little changed at $1,840.60 per ounce by 1258 GMT, and has added about 3% so far this week. U.S. gold futures were up 0.3% at $1,845.70. "The market is now expecting higher world GDP growth in 2021, especially with the rolling out of the vaccine, which will create a risk-on environment," said Bank of China International analyst Xiao Fu. "But on the other hand, U.S. dollar weakness and a mix of fiscal and monetary policy, as well as geopolitical risks, are underpinning gold. So you have those two forces coming at the same time." Unprecedented stimulus packages released this year have pushed gold 21% higher, given its appeal as a hedge against likely inflation and currency debasement as a result of the stimulus. The U.S. dollar was on course for its worst week since early November, making gold cheaper for holders of other currencies. A bipartisan, $908 billion coronavirus aid plan gained momentum in the U.S. Congress on Thursday. But expectations of a vaccine rollout added to overall optimism for an economic rebound, keeping stock markets near record highs. Among other metals, platinum gained 2.5% to $1,055.58 per ounce and palladium rose 1.7% to $2,341.53. "Platinum is attracting renewed interest as a global push for cleaner energy and waning demand for gold promise to lift demand for the metal," Avtar Sandu, senior commodities manager at Phillip Futures, said in a note. Platinum is used by automakers for catalytic-converter manufacturing to clean vehicle-exhaust fumes. Silver was up 0.5% at $24.19 an ounce and was set to climb more than 6% for the week. (Reporting by Asha Sistla and Nakul Iyer in Bengaluru; editing by Emelia Sithole-Matarise and Louise Heavens)
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