09:15 AM EDT, 05/24/2024 (MT Newswires) -- Gold edged higher early on Friday following three days of losses that cut the price by US$102.00 per ounce after the metal closed at a record on Monday as the dollar moved lower.

Gold for August delivery was last seen up US$2.80 to US$2,362.50 per ounce. The metal hit a record US$2,461.70 per ounce on Monday.

The price of the metal is in a correction from this week's record close, a drop being helped by strong economic data and fading hopes for a U.S. interest-rate cut after minutes from the last meeting of the Federal Reserve's policy committee showed members were not convinced inflation is moving towards the central bank's 2% target.

"Gold is suffering a ... correction and heading for its worst week in three months, after stronger-than-expected US economic data lowered rate expectations this year to just one by December," Saxo Bank noted.

The dollar fell early - the ICE dollar index was last seen down 0.32 points to 104.79 - making gold more affordable for international investors.

Treasury yields were mostly steady. The US two-year note was last seen paying 4.966%, up 1.8 basis points, while the yield on the 10-year note was up 1.9 basis points to 4.499%.