02:00 PM EDT, 07/22/2025 (MT Newswires) -- (Updates prices.)

Gold rose to a five-week high early on Tuesday as it looks to challenge a record high on a weak dollar and falling treasury yields.

Gold for August delivery was last seen up US$37.40 to US$3,443.80 per ounce, the highest since the metal's record high of US$3,452.80 set on June 13.

The price of the metal has been supported by a weak dollar and solid demand from central banks and safe-haven buyers as U.S. tariff threats are likely to slow economic growth, while violence in the Middle East continues.

U.S. President Donald Trump is threatening to impose tariffs on most of the country's trading partners if they do not reach a trade deal by Aug.1, including a promised 30% levy on imports from the European Union, while reports said the bloc plans counter measures should the U.S. impose the sales tax, slowing trans-Atlantic trade.

The dollar edged down early, with the ICE dollar index last seen 0.44 points to 97.42 points. Treasury yields were also lower, with the U.S. two-year note last seen paying 3.836%, down 4.4 basis points, while the yield on the 10-year note was down 4.5 points to 4.339%.