09:22 AM EDT, 06/06/2024 (MT Newswires) -- Gold edged higher early on Thursday despite a steady dollar and rising treasury yields.

Gold for August delivery was last seen up US$1.80 to US$2,377.30 per ounce.

The price of the precious metal has steadied after falling back from a record high touched last month, even as central banks in Canada and Europe have began cutting interest rates, with the Federal Reserve expected to follow as soon as September.

"Gold remains rangebound having found support from buy-on-dip demand well ahead of key support in the USD 2280-area amid rising rate cut expectations," Saxo Bank noted.

The dollar was steady, offering little direction for gold prices. The ICE dollar index was last seen down 0.02 points to 104.25.

However treasury yields rose, raising the carrying cost of owning gold. The US two-year note was last seen paying 4.751% up 2.3 basis points, while the yield on the 10-year note was up 2.9 basis points to 4.309%.