Gold prices rose on Thursday, with greenback-priced bullion drawing on support from slightly lower U.S. Treasury yields and a retreat in the dollar.

Spot gold was up 0.3% at $1,850.84 per ounce, as of 0719 GMT. U.S. gold futures also climbed 0.3% to $1,855.00.

Gold has been in a narrow range between $1,828 and $1,864 for about a week, hovering around $1,850 overall, and prices are consolidating now, GoldSilver Central MD Brian Lan said, adding that (trading in) this range could continue with some investors sitting on the sidelines due to an absence of major news.

Investors are yet to see how gold reacts to lifting of lockdowns in Shanghai; while there could be pent-up demand on the physical side, institutions holding large amounts of gold may liquidate to raise funds, Lan said.

Benchmark U.S. 10-year Treasury yields dipped, buoying the appeal of zero-yield gold. The dollar eased after hitting a more than one-week peak in the previous session, rekindling some interest in bullion among overseas buyers.

"A hawkish Fed (U.S. Federal Reserve), higher real rates, and what still remain anchored medium-term inflation expectations have weighed on gold price momentum amid a relatively robust dollar backdrop," Citi Research said in a note.

Bullion is considered a safe haven during times of political and economic uncertainty. However, higher short-term U.S. interest rates increase the opportunity cost of holding gold, which bears no interest.

"It also seems likely some geopolitical risk premium has eroded as the market absorbed the Russia/Ukraine conflict.

On the other hand, elevated asset market volatility, a potential return of the central bank gold bid, and 'stagflation' tail hedges have likely buttressed $1,800 support," the note said.

Spot silver rose 0.6% to $21.94 per ounce, platinum gained 0.7% to $1,003.51, and palladium climbed 1% to $2,016.19.

(Reporting by Bharat Govind Gautam in Bengaluru; Editing by Sherry Jacob-Phillips, Uttaresh.V and Rashmi Aich)