09:29 AM EST, 01/06/2025 (MT Newswires) -- Gold prices fell early on Monday even as the dollar moved sharply lower, with the precious metal for February delivery last seen down US$23.00 to US$2,631.70 per ounce.

The drop comes even as the dollar weakens, usually a bullish note for commodities priced in the currency. The ICE dollar index was last seen down 1.0 points to 107.96 after last week rising to the highest in more than two years.

The weakening dollar comes ahead of key U.S. employment data coming this week, with job openings, private sector employment and non-farm payrolls slated to be released.

Treasury yields were mixed, with the U.S. two-year note last seen paying 4.285%, down 0.2 basis points, while the yield on the 10-year note was up 1.9 points to 4.621%.