02:00 PM EST, 12/03/2024 (MT Newswires) -- (Updates prices.)

Gold moved higher mid-afternoon on Tuesday as the dollar weakened.

Gold for February delivery was last seen up US$8.50 to US$2,667.00 per ounce.

The precious metal has been mostly rangebound since correcting from a record high of US$2,800.80 on Oct.30, as the dollar surged following the U.S. election and inflation remains stuck above the Federal Reserve's 2% target.

However the dollar eased early on Tuesday, with the ICE dollar index last seen down 0.35 points to 106.1.

Treasury yields were mixed. The U.S. two-year note was last seen paying 4.159%, down 3.3 basis points, while the yield on the 10-year note was up 0.4 points to 4.202%.