Gold prices stabilized near its four-month high ahead of a meeting of heads of central banks over the weekend, which is likely to point to the likely course of U.S. monetary policy.

Gold has added 3.1% in August and is on track for its largest monthly increase since January.

Recall that central bankers and finance ministers from around the world to meet in Jackson Hole on August 31 and September 1. Investors expect hints from Fed Chairman Ben Bernanke at the next round of quantitative easing.

Despite the uncertainty, which last week celebrated in the market, investors are gradually increasing their "gold" assets. Also worth noting is that on Friday, stocks gold ETFs reached a record 71.53 million ounces.

The rising cost of precious metals also contributed to concerns about supplies from South Africa, which is the fifth-largest producer of the metal.

The South African Chamber of Mines said on Monday that mining companies affected by demands for higher pay, but the industry will not be able to do this, since the current collective agreement will not expire before June 2013.

The cost of the August gold futures on the COMEX is now 1665.2 dollars per ounce.