02:00 PM EDT, 09/04/2024 (MT Newswires) -- (Updates prices.)

Gold prices edged higher midafternoon on Wednesday as the dollar weakened.

Gold for December delivery was last seen up US$2.60 to US$2,525.60 per ounce after closing at a record $2,560.30 per ounce last Thursday.

The price of the metal is being supported by the prospect of lower U.S. interest rates coming this month. Economic data released Tuesday showed the U.S. manufacturing sector continues to weaken, firming expectations the Federal Reserve will cut rates at the Sept.18 end to the two-day meeting of its policy committee.

The dollar weakened early, with the ICE dollar index last seen down 0.45 points to 101.37.

Treasury yields were lower, with the U.S. two-year note last seen paying 3.893%, down 0.8 basis points, while the yield on the 10-year note was down 5.2 basis points to 3.784%