Gold rose on Thursday on a weaker dollar and lower US yields after Federal Reserve Chair Janet Yellen said the Fed would only gradually tighten monetary policy, curbing speculation that interest rates would rise more than once this year.
While a weaker dollar could be helpful for gold over the short term, the continued strength in US equities remain a drag, said INTL FCStone analyst Edward Meir. Spot gold rose 0.3 percent to $1,222.71 per ounce at 0715 GMT. US gold futures for August delivery rose 0.3 percent to $1,222.10 per ounce.
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