* U.S. dollar recovers from seven-week lows * 10-year U.S. Treasury yields drop below 1.6% * Focus turns to ECB policy meeting on Thursday (Recasts, adds comment, updates prices) By Sethuraman N R April 21 (Reuters) - Gold prices rose on Wednesday, supported by falling U.S. Treasury yields and sagging global stocks as surging coronavirus cases revived fears about the global economy. Spot gold climbed 0.5% to $1,786.06 per ounce at 1247 GMT. U.S. gold futures gained 0.5% to $1,788 per ounce. Prices are gaining as nominal U.S. bond yields are falling and reducing the opportunity cost of holding gold, Quantitative Commodity Research analyst Peter Fertig said, adding there was also some safe-haven buying inspired by weaker equity markets. Benchmark 10-year U.S. Treasury yields dropped below 1.6%, raising the appeal of bullion, which pays no interest. Global equity markets were subdued after a pre-market slump in Netflix, while rising COVID infections in Asia sent crude oil lower. However, capping gold"s advance, the U.S. dollar firmed against rivals, rising from a seven-week low hit in the previous session. "This week we have seen some dollar weakness, but that has come to a halt and we are seeing some recovery there. That"s why gold is not making some more gains," ABN Amro analyst Georgette Boele said. Market participants await the European Central Bank meeting on Thursday for further clarity about stimulus plans for the bloc. A U.S. Federal Reserve policy meeting is due next week. "Gold should remain supported by continued physical interest out of both Shanghai and India, while exchange traded fund (ETF)flows are beginning to see recent outflows dry up," MKS PAMP Group said in a note. "From a positioning perspective, recent short builds are holding for the time being, however we expect these to be tested through $1,800 to drive price action higher." Among other precious metals, silver was up 0.9% at $26.09 per ounce. Palladium gained 1.1% to $2,791.19, while platinum added 0.4% to $1,191.55. (Reporting by Nallur Sethuraman and Sumita Layek in Bengaluru; Editing by Peter Graff and Barbara Lewis)