Gold traded close to unchanged on Friday as markets awaited Federal Reserve Chair Kevin Warsh’s Jackson Hole address for further indications on the direction of U.S. monetary policy.

Spot gold was little changed at $4,600.19 an ounce at 02:50 ET, or 06:50 GMT. U.S. gold futures were down 0.3% at $4,651.41.

The metal had climbed to a three-month high near $4,700 an ounce earlier in the week as concerns surrounding U.S. fiscal policy and Treasury measures involving longer-dated bonds contributed to demand.

Gold was nevertheless on course for a small weekly decline, which would end a run of three consecutive weekly gains.

Warsh address puts interest-rate outlook in focus

Warsh is scheduled to speak at 10 a.m. ET, or 1400 GMT, on Friday at the Federal Reserve’s Jackson Hole symposium.

The appearance will be his first major Jackson Hole address as Fed chair, with investors monitoring his comments for indications of how policymakers are assessing inflation and interest rates.

Recent economic data have complicated expectations surrounding monetary policy. The personal consumption expenditures price index, which is closely monitored by the Federal Reserve, rose 3.7% in the 12 months through July.

Markets were assigning a 34% probability to an interest-rate increase in September and a 74% probability of an increase by December, according to the CME FedWatch tool.

Those percentages reflect market pricing rather than guidance from the Federal Reserve.

Gold remains sensitive to yields and the dollar

Expectations for U.S. interest rates remain relevant to gold because the precious metal does not provide an interest yield.

Higher rates can increase the relative appeal of interest-bearing assets, while declining yields can reduce the opportunity cost associated with holding gold.

The metal has also recently received support from a weaker U.S. dollar, which can reduce the cost of dollar-denominated gold for buyers using other currencies.

Despite being on track for a modest weekly decline, gold has gained more than 13% during August.

Silver, platinum and copper trade higher

Other metals moved higher during Friday’s session.

Silver increased 1.3% to $70.11 an ounce, while platinum rose 1.8% to $1,882.60 an ounce.

Copper also advanced, with benchmark futures on the London Metal Exchange gaining 0.4% to $14,338.15 a tonne.

U.S. copper futures were 0.2% higher at $6.68 a pound.