09:26 AM EDT, 10/21/2024 (MT Newswires) -- Gold traded at a fresh record high early on Monday despite a rising dollar and higher treasury yields as the metal benefits from easing interest rates and safe-haven buying amid Middle East violence and the approaching U.S. election.

Gold for December delivery was last seen up US$23.00 to US$2.753.00 per ounce after closing at a record US$2,730.00 last Friday.

The rise comes ahead of another cut to U.S. interest rates expected next month from the Federal Reserve, lowering the carrying cost of owning gold, while Israel's war in Gaza and Lebanon along with polls that see a tight race in the Nov.5 U.S. election support safe-haven buying.

"Gold continues to hit fresh record highs ... Middle East tensions, growing concerns about a rising US debt pile, and the closest US election in generations all support the current momentum," Saxo Bank noted.

The ICE dollar index was last seen up 0.1 points to 103.59.

Treasury yields were also higher, with the U.S. two-year note last seen paying 4.002%, up 3.7 basis points, while the yield on the 10-year note was up 5.8% to 4.141%.