02:00 PM EDT, 07/18/2024 (MT Newswires) -- (Updates prices.)

Gold edged lower midafternoon on Thursday, sticking near a record as expectations for lower U.S. interest rates offset rising treasury yields and a rebounding dollar.

Gold for August delivery was last seen down US$2.30 to US$2,457.60 per ounce, under the US$2,467.80 record close set two days earlier.

Expectations for a September cut to U.S. interest rates are firming amid a slowing and a weakening labor market. Initial jobless claims last week rose to 243,000, up from 222.000 a week earlier and ahead of the consensus estimate for 229,000 new applications, according to Marketwatch.

Treasury yields moved higher, normally a bearish sign for gold. The U.S. two-year note was last seen paying 4.457%, up 1.1 basis points, while the yield on the 10-year note was up 3.0 basis points to 4.191%.

The dollar is also higher, rising off a four-month low touched on Wednesday. The ICE dollar index was last seen up 0.23 points to 104.184.