02:00 PM EDT, 07/19/2024 (MT Newswires) -- (Updates prices.)

Gold was sharply lower midafternoon on Friday, pushing back under the US$2,400 mark as it corrects from a record high set two days ago as the dollar strengthens.

Gold for August delivery was last seen down US$56.70 to US$2,399.70 per ounce after rising to a record US$2,467.80 on Wednesday.

Expectations the Federal Reserve will begin cutting interest rates in September are offering support for the metal.

"Gold prices continue to outpace our expectations around all-time highs. Market participants rightfully remain focused on the Fed's eventual rate cuts, which have ramped. Deeper and/or quicker easing, coupled with geopolitical risks, the US election cycle, central banks, and consumer appetite, have aided gold's rise," Christopher Louney, a commodities strategist at RBC Capital Markets noted.

The dollar rose early, with the ICE dollar index last seen up 0.17 to 104.34 after dropping to a four-month low of 103.75 on Wednesday.