09:22 AM EDT, 07/02/2024 (MT Newswires) -- Gold edged down early on Tuesday, falling for a second day despite a weakening dollar and lower treasury yields.

Gold for August delivery was last seen down US$1.60 to US$2,337.30 per ounce.

The drop comes as the metal remains rangebound, sticking just above the US$2,300 mark for the past three weeks and not retesting the May 20 record high of US$2,461.70, set when traders were more optimistic the Federal Reserve was ready to begin cutting interest rates.

Gold also failed to benefit from a weaker dollar, with the ICE dollar index last seen down 0.07 points to 105.83

Treasury yields were also lower, usually a bullish indicator for gold since it offers no interest. The U.S. two-year note was last seen paying 4.743%, down 1.3 basis points, while the yield on the 10-year note was down 3.5 basis points to 4.432%