Picture used for illustrative purpose. File

Gulf Today Report 

Gold prices dropped on Friday following economic data from China boosting hopes for a swift recovery.

Spot gold fell 0.2% to $1,751.86 per ounce by 04:23 GMT while US gold futures slipped 0.3% to $1,753.40 per ounce.

The bullion is likely to rise beyond 1% though as the US dollar and Treasury yields decline.

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Brian Lan, managing director at dealer goldSilver Central said, "the (falling) dollar and Treasury yields have helped gold this week along with the Fed's dovish tone, that has been topped with lockdowns in Europe and parts of Asia with some negative vaccine results."

The US Federal Reserve confirms its commitment to supporting the US economy, adding that the much-awaited price increase this year is likely to be temporary.

In a note, Fitch Solutions said, "the likely rise in inflation April could support gold prices in the coming weeks, especially if it rises faster than bond yields.”