NEW YORK: US Treasury yields edged lower on Tuesday, with long-dated yields touching their lowest levels in nearly two weeks, as institutional investors bought US government bonds to balance their portfolios after this month's selloff.

US 30-year Treasury yields hit 2.944 percent, their lowest in 12 days. Benchmark 10-year yields hit 2.296 percent, their lowest in six days, while yields on shorter-maturity notes also touched their lowest in six days.

Analysts said pension funds and other institutional investors were buying Treasuries to meet routine month-end portfolio adjustments, and that buying was likely more robust than usual to compensate for a selloff this month following US President-elect Donald Trump's surprise victory on Nov. 8.

The move lower in yields was a reversal of the morning's activity, when yields inched higher after the Commerce Department said US gross domestic product grew at a 3.2 percent annual rate in the third quarter, up from the previously reported 2.9 percent pace and beating expectations of economists polled by Reuters.

"The boost behind the price action is most likely related to month-end tomorrow," said Stanley Sun, interest rate strategist at Nomura Securities International in New York. He was referring to the jump in Treasury prices, which move inversely to yields.

Analysts said trading volume was light, in part due to reluctance to make bets ahead of key events and data releases including Italy's referendum on constitutional reform on Dec. 4, OPEC's meeting on Wednesday and US monthly employment data due on Friday. The November selloff was fueled by bets Trump would adopt policies that increase spending and debt as well as spur growth and inflation, which would erode Treasuries prices.

US government bonds were last on track to fall 2.5 percent this month to post their worst monthly performance since December 2009, according to Bloomberg Barclays index data.

"We've come a long way," said John Briggs, head of strategy Americas at RBS Securities in Stamford, Connecticut, in reference to the selloff. "Some money is being put to work."

Benchmark 10-year notes were last up 6/32 in price to yield 2.2981 percent, from 2.320 percent late on Monday.

Two-year notes were last up 1/32 in price to yield 1.0950 percent, compared with 1.111 percent late on Monday.

Benchmark yields had hit a 16-month high of 2.417 percent on Wednesday, while two-year yields reached a 6-1/2-year high of 1.17 percent on Friday.-Reuters