09:36 AM EDT, 06/04/2024 (MT Newswires) -- Gold traded lower early on Tuesday as the dollar rose, keeping the metal range-bound.

Gold for August delivery was last seen down US$13.80 to US$2,355.50 per ounce.

The drop comes as the price of the precious metal sticks near the US$2,350 mark after falling back from a record high of US$2,461.70 set on May 20 as the market awaits interest-rate cuts from the Federal Reserve.

The dollar rose early, with the ICE dollar index last seen up 0.14 points to 104.28.

Treasury yields narrowed, with the US two-year note last seen paying 4.8%, down 1.6 basis points, while the yield on the 10-year note was down 3.6 basis points to 4.359%.