Gold prices rose on Monday, extending gains for the third straight day, and hit a 4-week high, as the US dollar fell against most of its rivals, following Fed Chair Jerome Powell's bearish remarks.

Gold prices rose 0.3% to the highest since August 4 at $1,823.20 an ounce, after opening at $1,817.33, and hit a high of $1,812.75.

Gold closed higher by 1.4% on Friday, the second straight gain, after the Federal Reserve Chairman's cautious statements at the Jackson Hole conference.

Gold prices gained 2.0% last week, the third straight weekly gain, and the largest gain since May, on falling dollar.

The dollar index fell 0.1% today, and hit its 2-week low at 92.59 points against a basket of its peers. 

Fed Chairman Jerome Powell stated that the Fed will start tapering its asset purchases before the end of 2021, but will not start to raise interest rates soon.

Powell added that such a step won't pace the way for quick rate hikes, because such a step requires much stricter tests for economic performance. 

Gold stocks at the SPDR ETF remained unchanged on Friday, with the total at the lowest level since April 9 at 1,001.72 metric tonnes.

Euro rose in European trade against dollar for second session, marking four-week highs following Fed Chair Jerome Powell's bearish remarks at the Jackson Hall conference, which cuts chances of earlier policy tightening. 

EUR/USD rose 0.15% to 1.1809, the highest since August 6, after rising 0.4% on Friday, the fifth profit in six sessions.

Euro climbed 0.8% last week, the second profit in three weeks away from nine-month highs at 1.1664. 

The dollar index fell 0.1% on Monday for another session, marking two-week lows at 92.59 against a basket of major rivals. 

Demand on dollar is slowing down as an alternative investments after relatively bearish remarks by Jerome Powell.

Powell said that it could be appropriate to reduce the pace of bonds purchases this year, but such a step won't pace the way for quick rate hikes, because such a step requires much stricter tests for economic performance. 

US stock indices rose on Friday, with close S&P 500 and Nasdaq both closing at a new record, following the Federal Reserve Chairman Jerome Powell's statements at the Jackson Hole symposium.

Jerome Powell stated that the Fed will start tapering its asset purchases before the end of 2021, but will not start to raise interest rates soon.

Powell added that the US economy economy is on good footing, noting that despite inflation reaching the Fed's target of 2%, there's substantial slack remaining in the labor market, and the economy has not reached full employment yet.

The minutes of the Fed’s last meeting showed discussions between the central bank officials to start tapering asset purchases of $120 billion per month this year, but they stressed that raising interest rates will not happen before 2023.

Data showed today that the US personal spending rose by 0.3% in July, missing forecasts of 0.4%, and the personal income index rose 1.1%, beating forecasts of 0.2%.

To the oil market, WTI crude futures rose 2% or $1.32, and closed at $68.74 a barrel, and posted a gain of 10.6%.

Brent October futures rose 2.3% or $1.63, and closed at $72.70 a barrel, with a weekly gain of 11.5%.

As for stocks, Dow Jones rose 0.7% or 242 points, and closed at 35,455, and posted a weekly gain of 1%, with a day high of 35,479, and a low of 35,231.

S&P 500 rose 0.9% or 39 points to 4,509, and posted a weekly gain of 1.5%, after hitting a high of 4,513 and a low of 4,474 points.

Nasdaq rose 1.2% or 183 points to 15,129, and registered a 2.8% weekly gain, with a high of 15,144 and a low of 14,966.

Silver prices rose on Friday, as the US dollar fell against most currencies, following the Federal Reserve Chairman Jerome Powell's statements at the Jackson Hole symposium.

Jerome Powell stated that the Fed will start tapering its asset purchases before the end of 2021, but will not start to raise interest rates soon.

Powell added that the US economy economy is on good footing, noting that despite inflation reaching the Fed's target of 2%, there's substantial slack remaining in the labor market, and the economy has not reached full employment yet.

The minutes of the Fed’s last meeting showed discussions between the central bank officials to start tapering asset purchases of $120 billion per month this year, but they stressed that raising interest rates will not happen before 2023.

The dollar index fell against a basket of major currencies by 0.4% to 92.6 points as of 19:59 GMT, after hitting a high of 93.1 points and a low of 92.6 points.

As of 20:00 GMT, silver spot prices rose 2.3% to $24.09 an ounce.