09:19 AM EDT, 06/03/2024 (MT Newswires) -- Gold rose off a three-week low early on Friday as the dollar and bond yield eased.

Gold for August delivery was last seen up US$7.10 to US$2,352.90 per ounce.

The rise follows on Friday's release of the April Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation measure, which showed prices rose, as expected, by 0.3% from March , while the core rate, excluding volatile items, fell to 0.2% from the prior month, down from 0.3% in March.

"Gold slumped to a three-week low on Friday despite a soft PCE-related decrease in the dollar and Treasury yields," Saxo Bank noted.

The dollar weakened early, with the ICE dollar index last seen down 0.09 points to 104.58.

Treasury yields narrowed, with the US two-year note paying 4.879%, down 0.2 basis points, while the yield on the 10-year note was down 3.0 basis points to 4.472%.