Gold prices rise in early trade

London (Sept 29)  Gold prices opened Thursday stronger despite the rise of US dollar index after Janet Yellen's speech in the congress on the outlook for key interest rates.

By 4:35am GMT, spot gold inched up 0.04% to $1,340.2 per ounce, while US gold futures rose 0.31% to $1,327.75 an ounce.

The US dollar index was higher 0.07% to 95.38 against a basket of currencies.

The positive outlook for gold prices is expected to be maintained on the short term, said commodity analyst Hamid Al-Qosymi.

Traders are recommended to increase their positions, namely quotes are seen rising to $1,350 an ounce, the analyst concluded.

Source: Mubasher