09:15 AM EST, 12/16/2024 (MT Newswires) -- Gold prices steadied early on Monday following two losing sessions as the dollar and treasury yields weakened.

Gold for February delivery was last seen up US$3.50 to US$2,679.30 per ounce.

After touching a record US$2,800.80 on Oct.30, the price of the metal has failed to retest its high as the dollar surged following the U.S. election and traders took profits. After rising to a six-week high on Dec. 11, gold was again challenged by the greenback and rising yields, bringing steep losses on Thursday and Friday.

"Gold [fell] sharply on Friday, giving back earlier gains amid pressure from end-of-year profit-taking triggered by a six-day rally in both the USD and US Treasury yields, the latter seeing long-end yields rising by the most in 14 months," Saxo Bank noted.

However the dollar retreated early on Monday, with the ICE dollar index last seen down 0.07 points to 106.93.

Treasury yields also weakened with the yield on the two-year note last seen down 1.5 basis points to 4.232%, while the 10-year note was paying 4.375%, down 2.1 points.