Gold prices are $2,500 an ounce, increasing from $2,465 an ounce last Monday. When gold broke a record-high to close above $2,500 on Friday, it tested the former resistance ceiling, which could become the new lower level of support after this week.

Citi analysts said in a recent note that gold investor sentiment looks set for the upside in the three to six-month window. The bank added that they see a $3,000 per ounce gold target by the middle of 2025 and a fourth-quarter average price forecast of $2,550 per ounce. 

This week, the Federal Reserve Bank of Kansas City will host dozens of central bankers, policymakers, academics, and economists worldwide at its annual economic policy symposium in Jackson Hole, Wyoming.

Federal Reserve Chairman Jerome Powell will be the headline speaker at the event and will likely provide more insight into the direction of future interest rate cuts. Gold will likely gain demand if the three-day symposium delivers a dovish interest-rate policy shift for the Fed.

Lower interest rates reduce the opportunity cost of buying gold, making it more attractive against interest-bearing assets such as Treasurys, which compete with gold as a safe-haven offering. Lower interest rates also pressure the dollar, making greenback-priced bullion attractive for holders of other currencies. 

Potential market-moving events for the week include: 

- Wednesday, August 21: Minutes of Fed's July FOMC Meeting

- Thursday, August 22: Initial Jobless Claims

- Friday, August 23: Fed Chair Jerome Powell at Jackson Hole Retreat

Beyond these events in the United States, the People's Bank of China (PBoC) issued new gold purchase quotas to commercial banks for August after a two-month purchase pause. This breaking news on Friday likely contributed to the record-high gold price per ounce before the weekend.