Spot Gold held just below a 1-month high of $3,423.18 on Friday and was set for a second straight weekly advance, supported by a softer US Dollar, amid uncertainty regarding US monetary policy.
The metal has surged on expectations that political pressure on the Federal Reserve could accelerate monetary easing.
At the annual symposium in Jackson Hole, Federal Reserve Chair Jerome Powell hinted at a possible rate cut in September.
New York Fed President John Williams also said a rate cut was being considered.
And, echoing those remarks, Fed Governor Christopher Waller also flagged support for resuming rate cuts in September. Waller said he fully expected further cuts to bring policy closer to neutral.
Markets are pricing in about an 89% chance of a 25 basis point rate cut in September, compared to 82% a week ago.
Market players now awaited the US PCE inflation data later in the day for fresh clues on the Fed’s monetary policy trajectory.
Spot Gold was last down 0.24% on the day to trade at $3,408.94 per troy ounce.
The precious metal has risen 1.12% so far this week.
The US Dollar Index was last down 0.03% to 97.870.
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