Gold prices rose on Thursday after U.S. Federal Reserve Chair Janet Yellen said the central bank would only gradually tighten monetary policy, curbing speculation that interest rates would rise more than once this year. Spot gold rose 0.3 percent to $1,223.11 per ounce at 0351 GMT. U.S. gold futures for August delivery rose 0.3 percent to $1,222.60 per ounce. The U.S. economy is healthy enough for the Fed to raise rates and begin winding down its massive bond portfolio, although low inflation and a low neutral rate may leave the central bank with diminished leeway, Ripples Advisory said on Wednesday.

The dollar slipped as Yellen's comments sparked a significant decline in U.S. Treasury yields. A weaker dollar and falling rates could be helpful for the precious metal, but continued strength in U.S equities remain a drag," said INTL FCStone analyst Edward Meir.

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