Bullion off record highs, trading below 2,500oz levels
Fed Powell39;s Jackson Hole speech due later in the day
Lofty prices smother purchases in top Asian hubs

Aug 23 Reuters Gold prices inched up on Friday but were set for a weekly decline, as the U.S. dollar and Treasury yields rebounded ahead of Federal Reserve Chair Jerome Powell39;s speech that could offer fresh insights on the central bank39;s interest rate cuts plans.

Spot gold rose 0.3 to 2,491.35 per ounce by 0602 GMT and U.S. gold futures gained 0.4 to 2,526.80.

Gold39;s stay below 2,500 could be temporary in nature, with the fundamentals still appearing favourable for the precious metal, said Tim Waterer, chief market analyst, KCM Trade.

After hitting an alltime high of 2,531.60 on Tuesday, bullion has fallen nearly 1 this week, hurt by a bounce in dollar index and benchmark U.S. 10year yields.

Powell is expected to deliver remarks at the annual central banking conference in Jackson Hole, Wyoming at 1400 GMT.

Fed policymakers on Thursday supported starting rate cuts next month as inflation eases and the labor market cools, though one cautioned against rushing to ease policy.

Traders have fully priced in Fed easing next month, with a 76 chance of a 25basispoint cut, according to CME FedWatch tool. A low interest rate environment tends to boost nonyielding bullion39;s appeal.

After a strong rally, a pullback to 2,4702,475 is expected, offering a fresh entry point and if geopolitical tensions rise,…