02:00 PM EDT, 05/17/2024 (MT Newswires) -- (Updates prices.)

Gold gold pushed back above the US$2.400 level midafternoon on Friday for the first time in a month, rising to a record as the dollar surrendered early gains..

Gold for June delivery was last seen trading up US$32.10 to US$2,417.60 per ounce, topping the prior record close of US$2,413.80 set on April 19.

"Still-healthy labor and growth as well as lingering inflationary trends underpin our ongoing urge for caution, citing vulnerability for gold at record levels. If price pressures become entrenched and labor markets remain strong, the Fed rate cut narrative that has set the backdrop for gold's gains becomes less clear," Christopher Louney, a commodities strategist at RBC Capital Markets, wrote.

The ICE dollar index was unchanged at 104.46, after earlier touching 104.8

Treasury yields moved higher. The US two-year note was last seen paying 4.831%, up 2.5 basis points, while the yield on the 10-year note was up 4.5 basis points to 4.426%.