02:00 PM EDT, 07/04/2024 (MT Newswires) -- (Updates prices.)

Gold edged down in light electronic trading midafternoon on Thursday with markets closed for the Independence Day holiday, dropping off a four-week high even as the dollar weakened.

Gold for August delivery was last seen down US$3.90 to US$2.365.50 per ounce.

The price of the metal rose to the highest since June 6 on Wednesday as weak U.S. economic data revived hopes the Federal Reserve will cut interest rates as soon as September.

Gold "is benefiting from a decline in the dollar and Treasury yields following new data that bolstered expectations for a Federal Reserve rate cut in September," Saxo Bank noted.

The dollar weakened, with the ICE dollar index last seen down 0.28 points to 105.13.

Treasuries did not trade on Thursday due to the holiday.