2018.08.2406:32:00UTC+00Gold Inches Higher As Dollar Weakens Ahead Of Powell's Speech

Gold prices inched higher on Friday, although the upside remained limited amid renewed trade concerns and the likelihood of a September rate hike.

Spot gold was up 0.4 percent at $1,191.70 an ounce while U.S. gold futures for December delivery were up 0.30 percent at $1,197.60 an ounce.

The dollar fell today and remains on track for its biggest weekly decline since March, as market participants looked ahead to U.S. Federal Reserve Chairman Jerome Powell's big Jackson Hole speech later today for Fed views on Turkey's currency crisis and the U.S.-Chinese trade spat.

The Fed has penciled in two more interest rate hikes this year despite risks from trade conflicts and emerging market turmoil.

Earlier this week, U.S. President Donald Trump reiterated his criticism of the Fed's monetary policy, saying he was "not thrilled" with the Fed for raising rates. It remains to be seen whether Powell would respond to Trump's criticism.