09:34 AM EDT, 05/23/2024 (MT Newswires) -- Gold pulled back under the US$2,400 mark early on Thursday despite a weaker dollar as profit taking has set in after the metal rose to a record this week.

Gold for August delivery was last seen down US$25.50 to US$2,390.20 per ounce, falling for a third-straight day after closing at a record US$2,461.70 on Monday.

The drop comes as traders take profits and hopes for a near-term cut to US interest rates were once again dashed after minutes from the last meeting of the Federal Reserve's Federal Open Market Committee showed members are not convinced inflation is moderating to the central bank's 2% target.

"FOMC minutes lowered the prospect for rate cuts with some officials showing willingness to tighten policy further if needed to get inflation under control," Saxo Bank noted.

The dollar traded lower early, making gold more affordable for international buyers. The ICE dollar index was last seen down 0.29 point to 104.65.

Treasury yields were mostly steady, with the US two-year note last seen paying 4.89%, up 0.1 basis points, while the yield on the 10-year note was down 0.1 basis points to 4.429%.