09:45 AM EST, 12/10/2024 (MT Newswires) -- Gold traded higher for a third-straight session early on Tuesday, pushing above US$2,700, amid interest-rate cuts and safe-haven buying in response to fresh turmoil in the Middle East.

Gold for February delivery was last seen up US$19.70 to US$2,705.50 per ounce, the highest since Nov.22.

Gold is being supported by lower interest rates that cut the carrying cost of owning the precious metal. The Bank of Canada is widely expected to cut rates by 50 basis points on Wednesday, followed a week later by a likely 25 point cut from the Federal Reserve.

Safe-haven buying is also backing the metal following the weekend collapse of Syria's long-ruling Assad regime, as rebel forces swiftly captured Damascus, the country's capital, and forced President Bashar al-Assad to seek asylum in Russia.

Gold's rise comes even with a stronger dollar, which is bearish for commodities priced in the U.S. currency. The ICE dollar index was last seen up 0.22 points to 106.36.

Treasury yields were also higher, with the U.S. two-year note last seen paying 4.147%, up 1.6 basis points, while the yield on the 10-year note was up 2.8 points to 4.231%.