02:00 PM EDT, 07/02/2024 (MT Newswires) -- (Updates prices.)

Gold traded lower midafternoon on Tuesday, falling for a second day despite a weakening dollar and lower treasury yields.

Gold for August delivery was last seen down US$6.20 to US$2,332.70 per ounce.

The drop comes as the metal remains rangebound, sticking just above the US$2,300 mark for the past three weeks and not retesting the May 20 record high of US$2,461.70, set when traders were more optimistic the Federal Reserve was ready to begin cutting interest rates.

Gold also failed to benefit from a weaker dollar, with the ICE dollar index last seen down 0.09 points to 105.81

Treasury yields were also lower, usually a bullish indicator for gold since it offers no interest. The U.S. two-year note was last seen paying 4.747%, down 0.9 basis points, while the yield on the 10-year note was down 1.2 basis points to 4.432%