SET PASSWORD Error

I am trying to reset my root password using following command:

SET PASSWORD FOR 'root'@'localhost' = PASSWORD('test');

and it gives me following error: ERROR 1064 (42000): You have an error in your SQL syntax; check the manual that corresponds to your MySQL server version for the right syntax to use near 'PASSWORD('test')' at line 1

Please let me know what is it that I am doing wrong here.

Thanks,

PS: I am new to this so pardon my lack of knowledge. Also, I am trying to do this on my Mac if that matters.