09:35 AM EDT, 06/19/2024 (MT Newswires) -- Gold prices eased early on Wednesday in light holiday trading even as the dollar moved lower.

Gold for August delivery was last seen down US$4.10 to US$2,342.80 per ounce.

The price of the metal remains below the May 21 record of US$2,461.70 as the Federal Reserve keeps interest rates at a 23-year high, pushing off rate cuts as it waits for inflation to slow to its 2% target.

"Gold prices will likely take a cue from the Fed's pivot to rate cuts," ANZ Bank said in a note. "Cooling US macroeconomic data are increasing prospects for the Fed to start its monetary easing soon, still mixed comments from the Fed official could inject volatility in the short term."

The drop comes as the dollar eases, while treasury markets are closed due to the Juneteenth holiday. The ICE dollar index was last seen down 0.06 points to 105.2.