09:02 AM EDT, 06/24/2024 (MT Newswires) -- Gold traded higher early on Monday, supported by a lower dollar even as treasury yields widened.

Gold for August delivery was last seen up US$4.40 to US$2,336.60 per ounce.

The price of the metal plunged by US$37.80 on Friday as the dollar rose to the highest since the start of May.

"A stronger dollar following better than expected U.S. manufacturing and services data saw the commodities sector end the week on a sour note on speculation a synchronized global easing cycle could be further delayed," Saxo Bank noted.

However the dollar surrendered some of its gains early on Monday, with the ICE dollar index last seen down 0.26 points to 105.54.

Treasury yields rose, bearish for gold, which offers no interest. The U.S. two-year note was last paying 4.751%, up 0.8 basis points, while the yield on the 10-year note climbed 1.2 basis points to 4.269%.