09:14 AM EST, 12/20/2024 (MT Newswires) -- Gold moved higher early on Friday after falling for the previous six sessions as the dollar eased off a two-year high after a key U.S. inflation measure rose less than expected in November..

Gold for February delivery was last seen up US$15.90 to US$2,624.00 per ounce, following a drop of 5.4% over the losing streak.

The rise comes as the dollar moved lower, falling off the highest since October, 2022, a day earlier after the Federal Reserve's policy committee indicated it will slow the pace of interest-rate cuts next year. However even after the December slide, the price of the metal has gained 27% over the past year.

"We think gold's resilience is encouraging for 2025 even as important macro headwinds have been priced in. Our forecast for Q4 2024 is $2,665/oz, and with gold having averaged $2,666/oz quarter-to-date, our new 2025 outlook for gold prices of $2,771/oz represents mild growth after quite a wild year," Christopher Louney, a commodities strategist at RBC Capital Markets, wrote.

The U.S. Bureau of Economic Analysis on Friday reported the November Personal Consumption Expenditures (PCE) Index, the Fed's preferred inflation measure, rose by an annualized 2.4% in November, under the consensus estimate for a 2.5% rise, according to Marketwatch, but up from 2.3% in October.

The dollar moved lower early, with the ICE dollar index last seen down 0.47 points to 107.96 after touching 108.54 a day earlier.

Treasury yields fell, with the U.S. two-year note last seen paying 4.268%, down 6.1 basis points, while the yield on the 10-year note was down 6.8 points to 4.507%.