Gold inches up as U.S. Treasury yields soften

Gold shone on Wednesday trade in Asia as U.S. Treasury yields softened.

Gold futures edged up 0.22% to $1,782.40. The dollar, which usually moves inversely to gold, hovered near its seven-week low. Its peer, U.S. Treasury yields dropped 1.6%.

The U.S. Federal Reserve and the European Central Bank, along with other central banks, are expected to release their key policy decisions in the coming days.

A dovish outlook from the Fed and other central banks is anticipated by investors. This is due to the continuous rise of coronavirus cases globally. As of date, the official number of COVID-19 cases worldwide breached the 142.4-million mark. The data was from John Hopkins University.

In other precious metals, silver dropped 0.3%. Platinum was also in the loss column with a 0.4% fall. Palladium joined gold on the winning side, adding 0.6%.