02:00 PM EST, 11/22/2024 (MT Newswires) -- (Updates prices.)

Gold was higher for a fifth-straight session mid-afternoon on Friday, continuing a recovery from post-election losses even as the dollar rose to the highest level in two years.

Gold for February delivery was last seen up US$39.20 to US$2,738.50 per ounce.

The rise comes on safe-haven demand after Ukraine made its first attack on Russia using foreign missiles and Russia retaliated by firing a newly developed hypersonic ballistic missile at the city of Dnipro amid further nuclear threats from the country.

The threats prompted safe-haven buying of the precious metal as it recovers from a 6.5% drop over eight sessions following the U.S. presidential election.

"The initial reaction to Trump's win has unwound a bit, with gold clawing back some losses. The reminder that risks abound has helped pull gold prices back up to more reasonable levels," Christopher Louney, a commodities strategist at RBC Capital Markets, noted.

The dollar rose to the highest since November 2022, usually a bearish indicator for commodities priced in the currency. The ICE dollar index was last seen up 0.53 points to 107.5.

Treasury yields were mixed, with the U.S. two-year note last seen paying 4.375%, up 1.8 basis points, while the yield on the 10-year note was down 1.7 points to 4.408%.