Gold rises as U.S. Dollar weakens amid of U.S. stimulus prospects

Shafaq News/ Gold prices rose on Wednesday as the dollar stumbled after U.S. Treasury Secretary nominee, Janet Yellen, underscored the need for a huge stimulus to help the economy recover from COVID-19 jolt, bolstering bullion's appeal as an inflation hedge.

Yellen at her confirmation hearing on Tuesday urged lawmakers for large coronavirus relief spending, adding that the benefits outweigh the expenses of a higher debt burden.

Spot gold gained 0.6% to $1,850 per ounce by 06:04 GMT. U.S. gold futures added 0.5% to $1,850.

Silver climbed 1.1% to $25 an ounce. Platinum rose 1.1% to $1,095 and palladium gained 0.7% to $2,367.

The dollar eased further from a four-week high hit earlier in the week, while most U.S. Treasury yields fell after Yellen's call to repeal large corporations tax cuts enacted in 2017.