Gold gains, dollar weakens as Yellen underscores need of stimulus

By Sumita Layek (Reuters) - Gold prices rose on Wednesday as the dollar weakened after U.S. Treasury Secretary nominee Janet Yellen underscored the need for a huge stimulus to help the economy recover from the coronavirus jolt, bolstering bullion's appeal as an inflation hedge. Spot gold gained 0.6% to $1,850.

66 per ounce by 0604 GMT. U.S. gold futures added 0.5% to $1,850. Yellen at her confirmation hearing on Tuesday urged lawmakers for large coronavirus relief spending, adding that the benefits outweigh the expenses of.....

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