09:18 AM EDT, 10/23/2024 (MT Newswires) -- Gold edged off a record high early on Wednesday as the dollar rose to a near three-month high and treasury yields rose.

Gold for December delivery was last seen down US$2.50 to US$2,757.30 per ounce after five rising sessions that pushed the price of the precious metal to its highest ever.

Investors have tuned to gold as a safe haven ahead of the Nov.5 U.S. election and on continuing worries over spreading violence in the Middle East. Expectations U.S. interest rates will continue to fall are also offering support to gold, pushing analysts to raise their price forecast for the metal.

"Key interest rate cuts, central bank purchases and global uncertainty have all caused gold prices to surge more than 26% from the start of the year. Tensions in the Middle East have reached new heights recently, with Israel considering airstrikes on Iranian territory, pushing gold prices even higher as a result.,' Desjardins Economic Studies said in a Tuesday report.

The ICE dollar index was last seen up 0.44 points to 104.52, the highest since July 29.

Treasury yields also rose, with the U.S. two-year note last seen paying 4.061%, up 1.8 basis points, while the yield on the 10-year note was up 2.8 points to 4.242%.