With little or no significant economic release for the day, gold prices benefited from some bargain hunting after the recent string of losses while tracking mostly declining European and US equity markets.
Gold futures shed about 2% for the week.
Federal Reserve Chair
However, Yellen also said the Fed's internal labor market indicators suggest the recent decline in the unemployment rate overstates the improvement in overall labor market conditions.
Fed members are engaged in a tricky debate over when to raise rates from near zero for the first time in six years. With the Fed charged with promoting maximum employment, the debate hinges on a thorough analysis of slack in the labor market, the subject of today's speech by Yellen.
The minutes of the Federal Reserve's recent policy meeting show fierce debate over interest rates with some Fed members favoring a hike sooner than earlier forecast.
Gold for December delivery, the most actively traded contract, gained
Gold for December delivery scaled an intraday high of
On Wednesday, gold futures extended losses for a fifth straight session, amid speculation the US Federal Reserve might begin monetary tightening sooner than expected on the back of a slew of upbeat economic data.
The dollar index, which tracks the US unit against six major currencies, traded at 82.34 on Friday, up from its previous close of 82.16 late Wednesday in North American trade. The dollar scaled a high of 82.46 intraday and a low of 82.06.
The euro trended lower against the dollar at
Speaking at the Jackson Hole Symposium, Federal Reserve Chair
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