02:00 PM EDT, 05/22/2025 (MT Newswires) -- (Updates prices.)

Gold moved lower mid-afternoon on Thursday, remaining rangebound as the dollar rose and treasury yields weakened.

Gold for August delivery was last seen down US$23.10 to US$3,318.80 per ounce.

The price of the metal remains under its April 21 record high of US$3,425.30 even as the global economy weakens amid U.S. President Donald Trump's tariff battles. Moody's Ratings cut the country's credit rating last week as Congress moves ahead with legislation likely to further expand the U.S. budget deficit.

"Tariffs are not yet over and the arduous journey of the "big, beautiful" tax bill (and with it the related headline risks), serve as reminders and drivers of the broad uncertainty that has kept gold's appeal moving," Christopher Louney, a commodities strategist at RBC Capital Markets, noted.

The dollar rose early, a bearish note for commodities priced in the currency, with the ICE dollar index last seen up 0.53 points to 100.09.

Treasury yields weakened. The U.S. two-year note was last seen paying 4.007%, down 2.3 basis points, while the yield on the 10-year note was down 5.1 points to 4.553%, falling off the highest since Feb.12.