09:08 AM EDT, 09/23/2025 (MT Newswires) -- Gold futures continued their record run early on Tuesday, rising above the US$3,800 mark for the first time as lower interest rates and safe-haven buying support the precious metal.

Gold for December delivery was last seen up $41.40 to US$3,816.50 per ounce.

The price of the metal is up 10% over the past month and 44% over the last 12 months as strong physical demand and safe-haven buying offer support. Lower interest rates that cut the carrying cost of owning the metal are also boosting the price, with the Federal Reserve last week trimming rates by 25 basis points and forecasting additional cuts before year end.

"Gold recorded another all-time high ... supported by strong ETF demand amid lower funding costs, and a range of uncertainties, including Fed independence, geopolitical risks, and US fiscal debt concerns," Saxo Bank noted.

The dollar was steady early, with the ICE dollar index last seen down 0.01 points to 97.32. Treasury yields narrowed, with the U.S. two-year note last seen paying 3.603%, down 1.9 basis points, while the yield on the 10-year note was down 1.5 points to 4.137%