In the early morning of the 28th Beijing time, gold futures prices rose on Friday and closed above the important $1800 mark, the highest closing price in nearly four weeks.

Federal Reserve Chairman Colin Powell's speech at the Jackson Hole central bank policy seminar showed that he supported a reduction in asset purchases from this year, and that Qualcomm IncThe rate of increase is "temporary".

Analysts said Powell's speech received a lot of attention, but there was nothing unexpected about its content.

On Friday, gold futures for December delivery on the New York Mercantile Exchange rose $24.30, or nearly 1.4%, to close at $1819.50 an ounce, the highest closing price since Aug. 2. In terms of the most active contracts, gold futures are up 2 per cent this week.