02:00 PM EDT, 05/24/2024 (MT Newswires) -- (Updates prices.)

Gold traded lower on Friday despite a weaker dollar, following on three days of losses that cut the metal's price by US$102.00 per ounce after the metal closed at a record on Monday.

Gold for August delivery was last seen down US$2.90 to US$2,356.80 per ounce. The metal hit a record US$2,461.70 per ounce on Monday.

The price of the metal is in a correction from this week's record close, a drop being helped by strong economic data and fading hopes for a U.S. interest-rate cut after minutes from the last meeting of the Federal Reserve's policy committee showed members were not convinced inflation is moving towards the central bank's 2% target.

"Gold is suffering a ... correction and heading for its worst week in three months, after stronger-than-expected US economic data lowered rate expectations this year to just one by December," Saxo Bank noted.

The dollar fell early, making gold more affordable for international investors. The ICE dollar index was last seen down 0.41 points to 104.7.

Treasury yields were mixed. The US two-year note was last seen paying 4.957%, up 0.9 basis points, while the yield on the 10-year note was down1.0 basis points to 4.47%.