09:32 AM EST, 12/03/2024 (MT Newswires) -- Gold moved higher early on Tuesday as the dollar and treasury yields weakened.

Gold for February delivery was last seen up US$18.10 to US$2,676.60 per ounce.

The precious metal has been mostly rangebound since correcting from a record high of US$2,800.80 on Oct.30, as the dollar surged following the U.S. election and inflation remains stuck above the Federal Reserve's 2% target.

However the dollar eased early on Tuesday, with the ICE dollar index last seen down 0.27 points to 106.18.

Treasury yields also weakened, lowering the carrying cost of owning gold. The U.S. two-year note was last seen paying 4.167%, down 2.5 basis points, while the yield on the 10-year note was down 1.2 points to 4.186%.