02:00 PM EDT, 06/25/2024 (MT Newswires) -- (Updates prices.)

Gold traded lower midafternoon on Tuesday on a strengthening dollar and rising treasury yields.

Gold for August delivery was last seen down US$13.40 to US$2,331.00 per ounce.

The price of the metal has eased since touching a record US$2,461.70 on May 20, when hopes for a near-term cut to U.S. interest rates were more robust. Since then, the Federal Reserve has left rates at a 21-year high and forecast just one cut in 2024, with the market expecting that to come late this year.

Traders are focusing on the Friday release of the May Personal Consumption Expenditure Index with the consensus estimate expecting a 2.6% annualized rise, according to Marketwatch, down from 2.7% in April.

The dollar rose, with the ICE dollar index last seen up 0.19 points to 105.66.

Treasury yields widened, raising the carrying cost of owning gold. The U.S. two-year note was last seen paying 4.747%, up 1.5 basis points, while the yield on the 10-year note was up 0.6 basis points to 4.243%.