Gold prices post modest gains despite weekly decline and anticipation of US Federal Reserve speech

(MENAFN) Gold prices posted a slight increase in Asian trade on Friday, rising 0.2 percent to $2,488.74 an ounce, while U.S. gold futures rose 0.3 percent to $2,524.30. Despite this uptrend, the precious metal is on track for a weekly decline after hitting a historic high of $2,531.60 earlier in the week, falling about 1 percent. This decline coincides with a recovery in the dollar index and the 10-year U.S. Treasury yield, which rose following an unexpected rise in the unemployment rate.

Market watchers are eagerly awaiting the insights from US Federal Reserve Chairman Jerome Powell's upcoming speech, scheduled for 14:00 GMT. Powell's remarks are expected to provide clues about future interest rate cuts that could influence the direction of gold prices. Tim Waterer, chief market analyst at KCM Trade, opined that gold prices' current position below $2,500 could be temporary as underlying market fundamentals continue to support the metal's value.

Among other precious metals, silver rose slightly by 0.2 percent to reach $29.03 an ounce. Platinum rose 0.7 percent to $950.55, while palladium fell 0.7 percent to $926.75.

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