02:00 PM EDT, 10/09/2024 (MT Newswires) -- (Updates prices.)

Gold edged edged lower midafternoon on Wednesday following three losing sessions as as the dollar and treasury yields moved higher.

Gold for December delivery was last seen down US$9.50 to US$2,625.90 per ounce.

Despite the losses the price of the metal continues to trade near the Sept. 26 record high of US$2,694.90 as further interest rate cuts expected from the Federal Reserve offer support by cutting the carrying cost of owning gold.

Safe-haven buying is also buoying gold as fears of a spreading Middle Eastern war remain in play with Israel expected to respond to Iran's Oct.1 attack on the country with a strike of its own. Reports on Wednesday said U.S. President Joe Biden is expected to hold a phone call with Israel's Benjamin Netanyahu to discuss plans to retaliate for Iran's attack.

The ICE dollar index was last seen up 0.35 points to 102.9.

Treasury yields widened, bullish for gold since it pays no interest. The U.S. two-year note was last seen up 5.2 basis points to 4.019%, while the yield on the 10-year note was up 5.8 points to 4.075%