09:35 AM EDT, 05/08/2024 (MT Newswires) -- Gold prices edged down early on Wednesday, pushed lower by a stronger dollar and rising treasury yields.

Gold for June delivery was last seen down US$1.80 to US$2,322.40 per ounce.

The price of the precious metal has fallen off a record close of US$2,413.80 per ounce set April 19 as hopes for U.S. interest-rate cuts this year dim as inflation remains above the 2% target the Federal Reserve is determined to reach and its officials turn bearish.

"(Minneapolis Fed President) Kashkari said the Fed is ready to hold rates steady for an extended period, or raise rates, if needed but inflation target remains at 2% and Fed is not ready to raise that," Saxo Bank noted.

The dollar moved higher early, making gold more expensive for international buyers. The ICE dollar index was last seen up 0.13 points to 105.55.

Treasury yields were also higher, bearish for gold since it offers no interest. The U.S. two-year note was last seen paying 4.849%, up 0.8 basis points, while the yield on the 10-year note was up 3.3 basis points to 4.495%.