09:32 AM EST, 11/12/2024 (MT Newswires) -- Gold held steady early on Tuesday even as the dollar and treasury yields continued their post-election advance.

Gold for December delivery was last seen up US$0.40 to US$2,618.10 per ounce.

The precious metal has been unable to challenge its Oct.30 high of US$2,800.80 per ounce as the dollar and yields rise following Donald Trump's victory in last week's presidential elections.

"Those of us who bought into the idea of a tightly run US election watch, agog, as the stunning victory by the President-Elect unleashes the full 'gold rush' mania of those that pursue the Trump trade. Strangely, the idiom does not apply to the yellow stuff, Gold was a haven buy before the result, it now suffers under the roaring US Dollar," PVM Oil Associates wrote.

The dollar pushed to a fresh four-month high early, with the ICE dollar index last see up 0.33 points to 105.88.

Treasury yields were also higher, with the U.S. two-year note last seen paying 4.34%, up 7.6 basis points, while the yield on the 10-year note was up 8.5 basis points to 4.395%.