Mubasher: 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.