02:00 PM EDT, 08/23/2024 (MT Newswires) -- Gold prices rose on Friday following two days of losses as the dollar and treasury yields were sharply lower after Federal Reserve chair Jerome Powell confirmed market expectations and said the central bank is ready to begin cutting interest rates.

Gold for December delivery was last seen up US$30.60 to US$2,547.30 per ounce, near Tuesday's record close of US$2,550.60 per ounce.

In a speech to the central bank's annual Jackson Hole, Wyoming, conference, Powell said the central bank is ready to begin lowering interest rates from their current 23-year high as the labor market slows.

"The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks," Powell said.

The dollar was sharply lower following Powell's comments, with the ICE dollar index last seen down 0.83 points to 100.67.

Treasury yields also fell, with the U.S. two-year note last seen paying 3.926%, down 9.0 basis points, while the yield on the 10-year note was down 4.0 basis points to 3.817%.