02:00 PM EDT, 09/03/2024 (MT Newswires) -- (Updates prices.)

Gold edged lower midafternoon on Tuesday, falling for a second session from Thursday's record despite narrowing treasury yields as the dollar rose.

Gold for December delivery was last seen down US$6.70 to US$2,520.90 per ounce.

The precious metal closed at US$2,560.30 per ounce on Thursday and despite the two-day dip, has not meaningfully corrected following the record high.

"The lack of profit-taking underscores (gold's) resilience. Nonetheless, seasonal weakness in September and a fully priced US rate cut could skew the short-term outlook to the downside," Saxo Bank noted.

The dollar moved lower, with the ICE dollar index last seen up 0.21 points to 101.86.

Treasury yields dropped, with the U.S. two-year note last seen paying 3.894%, down 3.1 basis points, while the yield on the 10-year note was down 5.8 basis points to 3.853%.