On Thursday, gold prices reached the highest level in 2 weeks as weaker-than projected figures on U.S. business activity fueled wagers that the Federal Reserve will have little flexibility to continue raising interest rates.

Spot gold ticked up by 0.3% to $1,920.67 per ounce, meanwhile gold futures advanced by 0.1% to $1,948.75 per ounce.

Prices increased for a fifth straight session as the dollar and Treasury yields dropped from recent highs, rebounding more from the lowest level in five months recorded earlier in August. Additionally, spot gold easily reclaimed the crucial $1,900 per ounce mark.

The Jackson Hole Symposium, which starts later in the day and is predicted to provide additional hints about U.S. monetary policy, kept markets on edge, though.

Jackson Hole is expected as the dollar and rates weaken due to the negative PMIs.

The greenback plunged from the highest level in two months in overnight trade, and Treasury yields dropped from multi-decade highs after data from the purchasing managers' index revealed that U.S. business activity barely increased in August.