MONEYWEB app instead? Gold gains ground as Yellen calms US inflation fears Gold rose 0.3% to $1 774.03 an ounce by 12:20 p.m. in Singapore after dropping 0.5% last week. By Swansy Afonso, Bloomberg 3 May 2021 08:30 Image: Chris Ratcliffe/Bloomberg Gold advanced after its first weekly decline in four as US Treasury Secretary Janet Yellen said the presidentâs economic plan wonât stoke inflationary pressures. Palladium gained. President Joe Bidenâs economic plan is unlikely to create inflation pressure in the US because the boost to demand will be spread over a decade, Yellen, the former Federal Reserve chair, said Sunday on NBCâs âMeet the Press.â