09:04 AM EST, 12/04/2024 (MT Newswires) -- Gold held steady early on Wednesday as the dollar rose after a report showed private-sector hiring fell more than expected last month.

Gold for February delivery was last seen up US$0.80 to US$2,668.70 per barrel.

The ADP employment report released on Wednesday showed the private sector added 146,000 jobs in November, down from 233,000 a month earlier and well under Marketwatch's consensus expectation for 163,000 new positions.

The dollar rose following the report, with the ICE dollar index last seen up 0.25 points to 106.61, continuing to rally following Donald Trump's re-election last month.

While a stronger dollar pressures the precious metal, lower interest rates are offering support, with the Federal Reserve expected to cut rates by 25 basis points later this month and continue lowering rates next year.

"Our base case into 2025 is for gold to initially face ongoing pressure from USD strength but be supported by improved physical buying and steady official sector demand. Thereafter, we expect it to receive another investor boost as the FOMC bring rates down towards 4%," Marcus Garvey, head of commodities strategy at Macquarie, noted.

Treasury yields rose early, with the yield on the U.S. two-year note last seen paying 4.214%, up 2.6 basis points, while the yield on the 10-year note was up 4.9 points to 4.278%