09:07 AM EDT, 07/29/2025 (MT Newswires) -- Gold moved higher early on Tuesday following four losing sessions even as the dollar rose to a seven-week high ahead of the start of the two-day meeting of the Federal Reserve's policy committee that is expected to end with U.S. interest rates unchanged.

Gold for December delivery was last seen up US$10.00 to US$3,376.80 per ounce.

The Federal Open Market Committee begins its two day meeting on Tuesday. Despite pressure from President Donald Trump for lower interest rates, the group is widely expected to leave rates unchanged, with the CME Fedwatch Tool seeing a 96.9% probability the Fed's policy rate will be left at 4.25% to 4.5%.

The dollar rose to the highest since June 10 ahead of the rate decision, with the ICE dollar index last seen up 0.42 points to 99.06.

Treasury yields were lower early, bullish for gold since it pays no interest. The yield on the U.S two-year note was last seen down 0.8 basis points to 3.912%, while the 10-year note was paying 4.39%, down 2.7 points.