Gold prices fell on Friday, August 25, as the dollar rose to a ten-week high, but the precious metal recorded a weekly gain after the US Federal Reserve's speech in Jackson Hole.
Jerome Powell left the door open for a future hike in interest rates and maintaining the tightening policy for a longer period.
Gold futures fell 0.2% to $1914.16 an ounce, at the end of Friday's trading. However, the precious metal posted a strong weekly gain of 1.38%.
Matt Simpson, chief analyst at City Index, said Powell could bring gold back to $1,900 and could raise it to $1,940.
It is clear that the strength of the dollar is a headwind for gold.
The dollar gained for the sixth consecutive week, making gold more expensive for buyers holding other currencies.
As for other precious metals, silver ended the week with a gain of 6.60% at $24.2 an ounce, and platinum rose by 3.83% to $944.72 an ounce. Palladium fell 2.6% to $1,223.28 an ounce.
