Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Friday, as the U.S. dollar extended losses in the wake of a closely followed speech from Federal Reserve Chairman Jerome Powell.

The most active gold contract for December delivery added 19.3 dollars, or 1.62 percent, to close at 1,213.3 dollars per ounce.

The U.S. dollar weakened sharply, providing support for dollar-denominated gold prices, as Powell, at the annual Fed symposium said gradual U.S. interest-rate hikes remain appropriate and there was no risk to the economy overheating.

The U.S. dollar index, which measures the buck against six rivals, fell 0.52 percent to 95.15 as of 1925 GMT.

Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes down, gold futures will rise as gold, priced in U.S. dollar, becomes less expensive for investors using other currencies.

As for other precious metals, silver for September delivery rose 25.2 cents, or 1.73 percent, to settle at 14.794 dollars per ounce. Platinum for October added 11 dollars, or 1.41 percent, to close at 789.4 dollars per ounce.