02:00 PM EST, 01/23/2025 (MT Newswires) -- (Updates prices.)

Gold futures fell off a three-month high mid-afternoon on Thursday despite a weaker dollar.

Gold for February delivery was last seen down US$6.60 to US$2,765.30 per ounce, after rising to the highest since the Oct.30 record close of US$2,800.80 a day earlier.

The metal has been supported by safe-haven buying amid Donald Trump's return to the White House and his promise to upset global trade flows by imposing tariffs on U.S. imports.

"Gold held near the October record high, with traders seeking a haven against a potentially escalating trade war, which could lead to slower growth following Trump's latest tariff threats against China and the European Union. In addition, a softer dollar has been supporting demand, while an overall bullish gold outlook continues to attract buyers for fear of missing out," Saxo Bank noted.

The dollar rose early, with the ICE dollar index last seen down 0.126 points to 108.05.

Treasury yields moved up, with the U.S. two-year noted last seen paying 4.295%, down 0.7 basis points, while the yield on the 10-year note was up 3.5 points to 4.651%