02:00 PM EDT, 10/24/2024 (MT Newswires) -- (Updates prices.)

Gold traded higher early on Thursday as the dollar weakened after U.S initial jobless claims came in under expectations.

Gold for December delivery was last seen up US$19.10 to US$2,748.50 per ounce.

The price of the metal has gained 39% over the past 12 months, supported by easing interest rates, rising institutional interest and safe-haven buying amid violence in the Middle East and Russia's war on Ukraine, as well as a tight U.S. presidential race.

"The US election outcome is too close to call, and markets, including safe-haven precious metals, will continue to trade nervously ahead of (Nov. 5)," Saxo Bank noted.

The dollar fell, with the ICE dollar index last seen down 0.41 points to 104.02 after the U.S. Department of Labor reported 227,000 initial jobless claims last week, down from 241,000 a week early an under expectations for 250,000 new claims, according to Marketwatch.

Treasury yields also fell, with the US two-year note last seen paying 4.053%, down 4.2 basis points, while the yield on the 10-year note was down 5.4 points to 4.189%.