09:14 AM EDT, 03/15/2024 (MT Newswires) -- Gold traded lower for a second day on Friday as the dollar continues to push higher after a day prior report added to pessimism interest-rate cuts are on the way.

Gold for April delivery was last seen down US$5.50 to US$2,162.00 per ounce.

The price of the metal fell off a record high this week after the US consumer price index and producer price index rose more than expected last month, staying well off the Federal Reserve's 2% inflation target, dashing hopes the central bank is ready to begin cutting interest rates.

"Gold ... remains resilient, holding onto most of its recent strong gains despite dollar and yield strength following stronger-than-expected CPI and PPI prints this week. Earlier this month, speculators amassed a major long position which is now being defended," Saxo Bank noted.

The dollar traded higher early, with the ICE dollar index last seen up 0.02 points to 103.38.

Treasury yields edged higher, with the US two-year note last seen up 0.06 basis points to 4.721%, while the 10-year note was paying 4.305%, up 0.05 basis points.