Although worries about rising U.S. interest rates kept commodity markets under pressure, gold prices gained modestly on Friday, rebounding from the lowest level in five months as the dollar witnessed some profit-taking.

Spot gold advanced by 0.2% to $1,893.05 per ounce, while gold futures advanced by 0.4% to $1,922.15 per ounce.

Strong job market data and hawkish signals from the Federal Reserve maintained markets positioned for rising U.S. interest rates, setting prices up for a fourth consecutive week of losses.

Although the Fed has indicated that there would only be one more rate increase this year, the potential of longer-term increases in U.S. rates is not favorable for the gold market since it increases the opportunity cost of keeping non-yielding assets. Through 2022, this trade had severely harmed gold, and it has so far prevented the yellow metal from making significant advances this year.

The expectation that the Jackson Hole Symposium will provide additional monetary policy and economic clues keeps positioning heavily biased in favor of the dollar and keeps investors apprehensive of metal markets.