* Brazil"s real set for weekly gains of more than 3% * Colombian peso outperforms Latam peers for the week * Mexico awaits central bank board announcement on Monday By Shashank Nayar Dec 4 (Reuters) - Brazil"s real fell on Friday after hitting a four-month high but was set to gain for the third straight week after signs of improving economic growth, while most other currencies in Latin America were set to rise for the week. The real cooled off from Thursday"s rally to drop 0.8% after data showed the country"s economy grew at a record pace in the third quarter. 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. The Mexican and Columbian pesos were the top gainers in early trading as the oil exporting majors benefit from rising oil prices. Colombia"s peso outperformed major Latin American currencies for the week with gains of nearly 4%. 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 0.5% 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. 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 1519 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 1251.09 0.94 MSCI LatAm 2367.35 0.5 Brazil Bovespa 113398.26 0.99 Mexico IPC 44464.05 1.21 Chile IPSA 4184.86 -0.09 Argentina MerVal 55531.61 0.688 Colombia COLCAP 1313.96 1.22 Currencies Latest Daily % change Brazil real 5.1785 -0.81 Mexico peso 19.8092 0.35 Chile peso 748 0.20 Colombia peso 3469.7 -0.09 Peru sol 3.5927 -0.06 Argentina peso (interbank) 81.6500 -0.10 Argentina peso (parallel) 147 2.72 (Reporting by Shashank Nayar in Bengaluru Editing by Alistair Bell)