Picture used for illustrative for purpose. File

Gulf Today Report 

Gold prices gained on Wednesday following a weak dollar and a decline in US Treasury yields lifting its demand.

Spot gold was up 0.5% to $1,786.80 per ounce at 06:57 GMT while US gold futures gained 0.5% to $1,786.90 per ounce.

Jeffrey Halley, senior market analyst at OANDA said "the US dollar had edged lower this morning, supporting prices, with gold's upward momentum from overnight continuing in Asia."

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The dollar index dropped almost at a seven-week low against its rivals.

Benchmark 10-year US Treasury yields declined below 1.6%, reducing the opportunity cost of holding non-yielding bullion.

The US Federal Reserve is set to hold a policy meeting next week. Gold serves as a shield against inflation that could happen as a result of stimulus measures.

Avtar Sandu, senior commodities manager at Philip Futures said, "with a delay due to the accelerating spread of the coronavirus, gold traders would expect the Fed and other central bankers to remain dovish."