Gold rises but set for weekly loss as Powell's speech is anticipated

Gold bars

Gold prices rose on Friday, but are heading for a weekly loss after reaching an all-time high on Aug. 20. Investors are cautiously awaiting Federal Reserve Chair Jerome Powell's speech at the Jackson Hole forum.

Futures prices for the yellow metal for December delivery increased by 0.38%, or $9.6, to $2,526.30 per ounce at 09:10 am KSA time. However, it remains down by about 0.4% for the week.

The spot price of gold rose by 0.31% to $2,492.33 per ounce, while silver futures for September delivery increased by 0.75% to $29.265. The spot price of platinum also rose by 0.71% to $955.89 per ounce.

Gold futures reached a new record high of $2,550.6 per ounce at the close of Aug. 20 session but gave up those gains in the following two days as investors remained cautious ahead of Jerome Powell's speech at Jackson Hole later today.

Powell is expected to deliver a speech at the forum, attended by several global monetary policymakers, where he will provide an overview of the current state of the U.S. economy and may offer insights into the expected paths of inflation and interest rates.