09:05 AM EDT, 10/22/2025 (MT Newswires) -- Gold prices fell again early on Wednesday, continuing a correction from Monday's record high following a big drop a day earlier.

Gold for December delivery was last seen down $66.90 to US$4,042 per ounce after falling by US$250.30 a day earlier after the metal closed at a record US$4.359.40 on Monday.

The price of the metal had climbed 65% since the start of the year prior to this week's correction, raising concerns it had become over bought.

"The forceful correction shows how one-sided the focus had become leading to a natural reset after a powerful nine-week rally that saw gold gain 31%," Saxo Bank noted.

A strengthening dollar is also weighing on gold, with the ICE dollar index last seen up 0.19 points to 99.13. Treasury yields were mostly steady, with the yield on the US two-year note last seen up 0.4 basis points to 3.468%, while the 10-year note was paying 3.97%, down 0.3 points.