Gold rises 1% on weaker dollar, yields

Gold prices gained on Wednesday supported by weaker U.S. dollar and a decline in U.S. treasury yields.

Meanwhile, Russian top diplomats said that there is growing progress in talks with Ukraine on cease-fire and possible peace agreement.

Markets are waiting for more news on Russian-Ukrainian war as Moscow pledged yesterday to cut down its military actions near Kyiv and northern Ukraine.

The U.S. dollar index decreased 0.6% to 97.8 points, the lowest in two weeks.

Gold futures rose 0.6% to trade at $1929 per ounce, while spot gold 1.1% or $22 to trade at $1940 per ounce by 1623 GMT.