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

Gold moved higher mid-afternoon on Monday, rebounding from a prior-session loss despite a strengthening dollar and higher treasury yields.

Gold for December delivery was last seen up US$8.00 to US$2,532.60 per ounce.

The rise follows on a loss Friday after U.S. jobs data for August came in weaker than expected but likely not weak enough to prompt the Federal Reserve's policy committee cut interest rates by more than 25 basis points when it meets next week.

"Gold traded lower on Friday after failing to reach a fresh record after the US jobs report turned out not to be weak enough to warrant a 50-bps cut on September 18, potentially signaling some downside risks to 2-year government bonds that may weigh on gold prices in the short term," Saxo Bank noted.

The dollar was higher early, with the ICE dollar index last seen up 0.31 points to 101.48.

Treasury yields were higher, with the U.S. two-year note last seen paying 3.673%, up 1.7 basis points, while the yield on the 10-year note was up 1.2 basis points to 3.702%.