02:00 PM EST, 11/29/2024 (MT Newswires) -- (Updates prices.)

Gold prices rose mid-afternoon on Friday as the dollar and treasury yields weakened following the U.S. Thanksgiving holiday.

Gold for February delivery was last seen up US$13.40 to US$2,678.20 per ounce.

The price of the metal has steadied after correcting from its Oct.30 record high of US$2,800.80 while fending off a rallying dollar following the U.S. election. There are expectations the precious metal could benefit from a Santa rally, as its price has risen in December for the past seven years.

"The big question is whether we may witness an eighth consecutive gain this December? Following the recent correction, chances of a repeat has improved as traders and investors no longer have to pay a record price to gain exposure," Ole Hansen, head of commodity strategy at Saxo Bank, noted.

The dollar weakened early, with the ICE dollar index last seen down 0.26 points to 105.79.

Treasury yields were also lower, with the U.S. two-year note last seen paying 4.172%, down 6.5 basis points, while the yield on the 10-year note was down 8.1 points to 4.183%.