Gold rose in Asian trading today, heading for its first weekly gain in five weeks, after a decline in expectations of US interest rate hikes.

Spot gold rose 1.4 percent to 4179.94 dollars per ounce, hitting its highest level since June 23 last year.

US gold futures for August delivery also rose 1.6 percent to 4193.20 dollars.

The precious metal is heading for a weekly gain of about 2.3 percent, supported by weak jobs data and declining inflationary pressures, along with a weaker dollar which boosts gold's appeal.

As for other metals, silver rose 2.3 percent to 62.43 dollars per ounce, platinum gained 2.7 percent to 1660.05, while palladium rose 1.3 percent to 1284.40.