2021.05.1410:21:00UTC+00Gold Inches Higher On Dollar Weakness

Gold prices rose slightly on Friday as the dollar weakened and yields eased on dovish comments from Federal Reserve officials.

Spot gold edged up 0.4 percent to $1,833.82 per ounce, while U.S. gold futures were up half a percent at $1,833.85.

The U.S. dollar pulled back from one-week highs and 10-year Treasury yields dipped 2 bps to 1.637 percent after several Fed officials downplayed an imminent rise in interest rates despite a sharp rise in inflation.

Increases in prices above the Federal Reserve's 2 percent goal should be temporary and the Fed would not raise rates until it sees inflation above target for a long time, said Federal Reserve Governor Christopher Waller on Thursday.

Fed policymakers Lael Brainard and Richard Clarida made similar comments on Tuesday and Wednesday, respectively.

Investors await U.S. retail sales and industrial production, due later in the day for further clues about the extent of the economic recovery.