09:15 AM EDT, 08/06/2025 (MT Newswires) -- Gold prices fell early on Wednesday, despite a weaker dollar, but remain close to the metal's record high.

Gold for December delivery was last seen down US$15.40 to US$3,419.30 per ounce.

The price of the metal remains near its July 22 record high of US$3,501.80 per ounce amid strong safe-have demand as the U.S. economy slows while the Federal Reserve is expected to cut interest rates at the Sept. 17 meeting of its policy committee. The CME Fedwatch tool shows a 89.2% probability the central bank will cut rates by 25 basis points at the meeting.

"Gold continues to attract support from investors looking for a resumption of US rate cuts-and with that, lower funding costs," Saxo Bank noted.

The dollar was lower early on Wednesday with little economic news to drive trading. The ICE dollar index was last seen down 0.32 points to 98.47.

Treasury yields were mostly steady, with the yield on the U.S. two-year note last seen down 0.5 basis points to 3.734%, while the 10-year note was paying 4.228%, up 1.0 points.