02:00 PM EDT, 09/25/2024 (MT Newswires) -- (Updates prices.)

Gold prices rose again early on Wednesday, rising for a sixth-straight day to another record high on lower interest rates and safe haven buying.

Gold for December delivery was last seen up US$9.20 to US$2,686.20 per ounce.

The price of the precious metal has climbed 2.9% since the Federal Reserve cut U.S. interest rates for the first time in four years last week and indicated it expects to cut rates by a further 50 points by year end. Lower interest rates cut the carrying cost of owning gold, which pays no interest.

Geopolitical turmoil is also offering support to gold prices on concerns over the potential spread of Middle East violence as Israel heightens attacks on Lebanon's Iran-backed Hezbollah militia, with the two sides trading missile attacks even as Israel continues its war in Gaza.

The dollar moved higher, with the ICE dollar index last seen up 0.41 points to 100.88.

Treasury yields moved higher. The yield on the U.S. two-year note was last seen up 3.2 basis points to 3.551%, while the yield on the 10-year note was up 4.6 points to 3.78%.