20.05.202210:15:00UTC+00Gold Inches Higher On Dollar Weakness

Gold prices rose slightly on Friday, as the dollar eased and was on track for a 1.5 percent weekly fall amid improved risk sentiment in global markets.

Global bond yields were also mostly lower amid growing fears of a recession.

Spot gold edged up 0.3 percent to $1,847.13 per ounce, while U.S. gold futures were up 0.2 percent at $1,845.26.

Equity markets were seeing a tentative rebound after China's central bank announced a reduction in a key interest rate for long-term loans to mitigate a slowdown in the world's second-largest economy.

The People's Bank of China has lowered the five-year loan prime rate by 15 basis points to 4.45 percent from 4.60 percent, while leaving the one-year LPR unchanged at 3.75 percent.

In another development, the U.S. Senate approved $40 billion aid package to Ukraine to resist attacks by Russia.