* Brazil"s real set for weekly gains of more than 4% * Real outperforms Latam peers for the week * Mexico awaits central bank board announcement on Monday (Adds comments, updates prices throughout) By Shreyashi Sanyal Dec 4 (Reuters) - Brazil"s real rose on Friday as it tracked its third straight week of gains after signs of improving economic growth, while most other currencies in Latin America were also set to rise for the week. The real added to Thursday"s rally to rise 0.2% after data showed the country"s economy grew at a record pace in the third quarter. The Brazilian real is set for gains of 4.2% for the week. A Reuters poll showed Brazil"s currency is set to keep its recent gains into the first-quarter of 2021 but the positive trend could unravel as the year wears on due to increasing fears about the country"s public finances. Improving economic trends and optimism over the eventual roll-out of a coronavirus vaccine have driven gains in Latin American assets recently. "Despite lingering concerns, notably the fiscal weakness seen throughout the region, attractive valuations and favorable prospects for higher commodity prices and a faster recovery, as the region avoids additional COVID-19 disruptions, bodes well for a constructive 2021," said Gustavo Rangel, chief Latin American economist at ING. The Mexican and Columbian pesos were the top gainers as the oil exporting majors benefit from rising oil prices. Colombia"s peso eyed gains of 4% for the week. Mexico"s President Andres Manuel Lopez Obrador delayed the announcement of a second female Mexican deputy central bank governor to Monday. The announcement was set to arrive later in the day as the country pushes for an effort to diversify the Bank of Mexico"s governing body. The new member will replace Javier Guzman, known as one of Banxico"s more hawkish board members who applied a more cautious approach to cutting the bank"s main lending rate. "Against this background the markets are likely to take a closer look at who is going to be asked to replace who and what their views are," analysts at Commerzbank wrote in a note. "It certainly cannot be excluded that the election of the successor will be reflected in the MXN exchange rates." The Chilean Peso rose 0.8% to its one-year high supported by strong gains in copper prices. The peso was set for weekly gains of 3%. Copper prices pushed to the strongest levels since March 2013 on Friday as U.S. politicians moved closer to agree on long-awaited stimulus spending that would boost the economy. In Venezuela, consumer prices rose 65.7% in November, the opposition-controlled National Assembly said in a report, marking an acceleration in inflation in the crisis-stricken South American country. A gauge of Latin American stocks gained 0.8% during the day, tracking its fifth straight weekly rise. Key Latin American stock indexes and currencies at 1936 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 1251.03 0.93 MSCI LatAm 2379.99 1.04 Brazil Bovespa 113591.44 1.16 Mexico IPC 43826.35 -0.25 Chile IPSA 4191.75 0.07 Argentina MerVal 54793.18 -0.651 Colombia COLCAP 1340.50 3.26 Currencies Latest Daily % change Brazil real 5.1243 0.24 Mexico peso 19.7890 0.45 Chile peso 744.1 0.73 Colombia peso 3464.5 0.06 Peru sol 3.5868 0.11 Argentina peso (interbank) 81.6500 -0.10 Argentina peso (parallel) 146 3.42 (Reporting by Shashank Nayar and Shreyashi Sanyal in Bengaluru