Wholesale prices to buy gold bullion hovered close to $1,660 an ounce Friday morning in London, around $10 below where they started the week, while stock markets gained and US Treasuries sold off, ahead of today's much-anticipated speech by Federal Reserve chairman Ben Bernanke and Monday's Labor Day holiday in the US.
Silver bullion rose to $30.67 per ounce, slightly below last week's close, while other commodities were also broadly flat.
The gold price in Sterling looked set for a 1% monthly gain. Gold in euros by contrast was trading slightly below where it ended last month, dropping to €42,358 per kilo (€1317 per ounce) during Friday morning's trading.
"For now, we have a bit of a cautious approach to the gold market," says Credit Suisse analyst Tobias Merath.
"Expectations for more [Fed] monetary easing would have to be fulfilled to break higher here."
Bernanke is due to speak later today at the annual Jackson Hole conference of central bankers.
"We believe that Bernanke will avoid sending a clear signal about Fed intentions for the September meeting," says a note from Barclays, referring to next month's Federal Open Market Committee meeting.
"The market's disappointment could have a modest negative effect on risk appetite in coming days."
"This is a speech, not an FOMC meeting," adds Michael Feroli, chief US economist at JPMorgan.
"We do not think Bernanke is inclined to front-run the committee less than two weeks ahead of the next meeting."
"There's not much sale of gold scraps," adds one dealer in Hong Kong.
Here in Europe, the European Commission has proposed that the European Central Bank be given supervisory authority over all euro-zone banks, removing such powers from many national bodies, the Financial Times reports.