09:31 AM EST, 11/03/2025 (MT Newswires) -- Gold prices rose early on Monday, pushing back above US$4,000 despite a higher dollar, even as they have continued to trade in a tight range since Oct. 20's record high of US$4,359.40.

Gold for December delivery was last seen up US$32.90 to US$4,029.40 per ounce.

The price of the metal has steadied around the US$4,000 mark since climbing 63% between the start of the year and the Oct. 20 record high. Physical demand is weaker following India's Diwali holiday, while support from lower U.S. interest rates slackened after Federal Reserve Chair Jerome Powell last week signaled a pause to rate cuts.

"The recent correction suggests that the year's high may already be in place, though it appears more like consolidation than capitulation. The underlying drivers that lifted gold above USD 4,000-fiscal fragility, inflation persistence, and steady official-sector demand-remain intact. A deeper pullback cannot be ruled out as the market works off speculative excess and rebuilds conviction," Ole Hansen, Head of Commodity Strategy at Saxo Bank, wrote.

The dollar was higher early was last seen up 0.16 points to 99.96, the highest since July 31. Treasury yields were also higher, with the U.S. two-year note last seen paying 3.613%, up 3.1 basis points, while the yield on the 10-year note was up 3.6 points to 4.115%.