02:00 PM EDT, 09/30/2024 (MT Newswires) -- (Updates prices.)

Gold traded lower for a second session midafternoon on Monday, continuing to correct from a record high touched last week even as international tensions rise.

Gold for December delivery was last seen down US$7.400 to US$2,660.70 per ounce.

The metal closed at a record US$2,694.90 on Thursday, climbing for seven-straight sessions following the Federal Reserve's 50 basis point cut to U.S interest rates earlier this month. However support to push higher is lacking despite the threat of a spreading war in the Middle East as Israel steps up attacks on Lebanese militia groups.

"Israel's assassination of Hezbollah Secretary General Hassan Nasrallah has plunged the region into uncertainty. At the time of writing, it is unclear whether the assassination of Nasrallah, which capped 10 days of covert attacks and airstrikes that eliminated the militia's top ranks, will be a precursor to an Israeli ground invasion of southern Lebanon," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, said in a note.

The dollar moved higher, with the ICE dollar index last seen up 0.15 points to 100.53.

Treasury yields rose, with the U.S. two-year note last seen paying 3.608%, up 4.1 basis points, while the yield on the 10-year note was up 1.3 points to 3.767%.