09:34 AM EST, 11/05/2025 (MT Newswires) -- Gold traded higher early on Wednesday, even with the dollar continuing to strengthen, as the metal continues to trade within a tight range.

Gold for December delivery was last seen up US$24.50 to $3,985.00 per ounce.

The price of the metal has traded near $4,000 per ounce since touching a record high of $4,359.40 on Oct. 20, failing to retest the record after the Federal Reserve signaled it will pause the interest-rate cuts that have backed gold's rise this year.

A rising dollar is also checking gold, with the ICE dollar index last seen up 0.06 points to 100.29, the highest since May 19.

"Gold rebounded ... following its biggest one-day drop in a week as the dollar climbed to a multi-month high and traders reassessed the Fed's rate outlook. The ongoing consolidation phase continues to be shaped by the dollar's longest winning streak since July," Saxo Bank noted.

Treasury yields were also higher, raising the carrying cost of owning gold. The yield on the two-year note was last seen up 1.5 basis points to 3.601%, while the 10-year note was paying 4.119%, up 3.0 points.