09:25 AM EDT, 10/31/2024 (MT Newswires) -- Gold early on Thursday traded down from a record high even as the dollar and treasury yields eased after a key U.S. inflation measure edged down in September.

Gold for December delivery was last seen down US$15.10 to US$2,785.70 per ounce, after closing above the US$2,800 mark for the first time a day earlier. The price of the metal is up 35% since the start of the year, supported by falling interest rates and safe-haven buying on Middle East violence and ahead of the U.S. presidential election.

The U.S. Bureau of Economic Analysis on Thursday said the September Personal Consumption Expenditures (PCE) Index rose at a 2.1% annualized rate last month, down from 2.2% in August and matching the consensus expectation, according to Marketwatch. Core PCE, excluding volatile items, rose 0.3% from the prior month, above August's 0.2% monthly increase but matching expectations.

The PCE Index is the Federal Reserve's preferred inflation measure and the first of two major economic releases prior to the Nov.7 interest-rate decision from the central bank's policy committee, with the Non-Farm Payrolls report coming on Friday. The bank is widely expected to cut rates by 25 basis points at policy meeting.

The dollar moved down following the meeting, with the ICE dollar index last seen off 0.08 points to 103.91.

Treasury yields were mixed following the data, with the U.S. two-year note last seen paying 4.191%, down 0.02 basis points, while the yield on the 10-year note was up 0.5 points to 4.308%.