09:19 AM EST, 03/04/2024 (MT Newswires) -- Gold prices rose to a new record high early on Monday even as treasury yields rose.

Gold for April delivery was last seen up US$4.60 at US$2,100.30 per ounce, the highest ever.

The price of the metal is being supported by expectations lower interest rates are on the way as inflation cools in the United States and elsewhere.

"Gold closed at a record high on Friday after a softer dollar and Treasury yields triggered a strong technical buying reaction, thereby strengthening the yellow metal's buy-on-dip credentials following a month that should have seen it trade lower amid lower rate cut expectations, dollar and yield strength," Saxo Bank noted.

The dollar was mostly steady early, with the ICE dollar index last seen up 0.01 points to 103.87.

Treasury yields rose, bearish for gold since it offers no interest, The US two-year note was last seen up 5.6 basis points to 4.598%, while the 10-year note was paying 4.234%, up 4.9 basis points.