Gold prices rose on the European market on Friday to resume gains, which were halted yesterday as part of a correction from the highest level in a week, supported by a drop in the US dollar ahead of comments by Federal Reserve Chairman Jerome Powell at the Jackson Hole Economic Forum.

Gold prices rose by more than 0.3% as of 08:05 GMT to trade at $ 1,189.25 per ounce from the opening level of $ 1,185.33 and recorded the highest level of $ 1,190.21 and the lowest level of $ 1,183.11.

Gold prices ended Thursday’s trading down 0.8%, the first loss in five days, on correction from a week high of $ 1,201.58 per ounce, and under the pressure of the recovery of the US dollar against a basket of currencies.

This week, gold prices rose 0.5% to current trade, about to make their first weekly gain since the first week in July, supported by the decline of the US dollar after criticism of Donald Trump to the Federal Reserve.

The dollar index fell around 0.3% on Friday, resuming losses that were suspended yesterday, reversing the decline of the US currency against a basket of currencies, which currently supports the prices of gold and other metals denominated in US dollars.

US currency is heading for its second consecutive weekly loss against a basket of currencies, especially after US President Donald Trump’s sharp criticism of Federal Reserve Chairman Jerome Powell to raise interest rates.

Investors are waiting for remarks by Jerome Powell, chairman of the Federal Reserve at the Jackson Hole Economic Forum, at 14:00 GMT. Powell is due to deliver a speech on monetary policy in the changing economy.

Gold holdings in the SPDR Gold Trust Fund fell yesterday by 1.47 metric tons to a total of 767.23 metric tons, the lowest level since 26 February 2016.