diff --git a/configs/components/_base-rubygem.rb b/configs/components/_base-rubygem.rb
index a5614b81b..aecc1ea0f 100644
--- a/configs/components/_base-rubygem.rb
+++ b/configs/components/_base-rubygem.rb
@@ -40,13 +40,22 @@
 # If a gem needs more command line options to install set the :gem_install_options
 # in its component file rubygem-<compoment>, before the instance_eval of this file.
 gem_install_options = settings["#{pkg.get_name}_gem_install_options".to_sym]
-if gem_install_options.nil?
-  pkg.install do
-    "#{settings[:gem_install]} #{name}-#{version}.gem"
+pkg.install do
+  steps = []
+  if gem_install_options.nil?
+    steps << "#{settings[:gem_install]} #{name}-#{version}.gem"
+  else
+    steps << "#{settings[:gem_install]} #{name}-#{version}.gem #{gem_install_options}"
   end
-else
-  pkg.install do
-    "#{settings[:gem_install]} #{name}-#{version}.gem #{gem_install_options}"
+
+  # We gem installed rexml to 3.3.2 in ruby 3 for CVE-2024-35176 and CVE-2024-39908. Since rexml is a bundled gem in ruby 3, we end up having 
+  # two versions of rexml -- 1) the bundled version shipped with ruby 3 (3.2.5) and 2) the one we manually installed with 
+  # the above gem install command.
+  # So, we run gem cleanup so that it deletes the older version 3.2.5. 
+  # Note: We won't need to cleanup and install rexml once we upgrade to ruby >= 3.3.3
+  if name == 'rexml' && settings[:ruby_version].to_i == 3
+    steps << "#{settings[:gem_cleanup]} #{name}"
   end
+  steps
 end
 
diff --git a/configs/components/rubygem-rexml.rb b/configs/components/rubygem-rexml.rb
index e983157aa..ce5f4a30a 100644
--- a/configs/components/rubygem-rexml.rb
+++ b/configs/components/rubygem-rexml.rb
@@ -1,6 +1,14 @@
 component 'rubygem-rexml' do |pkg, settings, platform|
-  pkg.version '3.2.6'
-  pkg.md5sum 'a57288ae5afed07dd08c9f1302da7b25'
+  pkg.version '3.3.2'
+  pkg.md5sum '55d213401f5e6a7a83ff3d2cd64a23fe'
 
+  # If the platform is solaris with sparc architecture in agent-runtime-7.x project, we want to gem install rexml
+  # ignoring the dependencies, this is because the pl-ruby version used in these platforms is ancient so it gets
+  # confused when installing rexml. It tries to install rexml's dependency 'strscan' by building native extensions
+  # but fails. We can ignore insalling that since strscan is already shipped with ruby 2 as its default gem.
+  if platform.name =~ /solaris-(10|11)-sparc/ && settings[:ruby_version].to_i < 3
+    settings["#{pkg.get_name}_gem_install_options".to_sym] = "--ignore-dependencies"
+  end
+  
   instance_eval File.read('configs/components/_base-rubygem.rb')
 end
diff --git a/configs/projects/_shared-agent-components.rb b/configs/projects/_shared-agent-components.rb
index 6e722cc46..e846ca6cc 100644
--- a/configs/projects/_shared-agent-components.rb
+++ b/configs/projects/_shared-agent-components.rb
@@ -62,6 +62,10 @@
 proj.component 'rubygem-fast_gettext'
 proj.component 'rubygem-ffi'
 
+# Note: We won't need to explicitly add 'rubygem-rexml' to agent-runtimes once ruby is upgraded to 3.3.3 or higher (CVE-2024-35176 and CVE-2024-39908).
+# This is because the bundled rexml gem version shipped with ruby itself will be free from these CVEs.
+proj.component 'rubygem-rexml'
+
 if platform.is_windows? || platform.is_solaris? || platform.is_aix?
   proj.component 'rubygem-minitar'
 end
diff --git a/configs/projects/_shared-pe-bolt-server_with_ruby.rb b/configs/projects/_shared-pe-bolt-server_with_ruby.rb
index 06740fccd..8ecae30e3 100644
--- a/configs/projects/_shared-pe-bolt-server_with_ruby.rb
+++ b/configs/projects/_shared-pe-bolt-server_with_ruby.rb
@@ -68,6 +68,7 @@
   proj.setting(:gem_install, "#{proj.host_gem} install --no-rdoc --no-ri --local --bindir=#{proj.bindir}")
 end
 
+proj.setting(:gem_cleanup, "#{proj.host_gem} cleanup")
 
 proj.setting(:datadir, File.join(proj.prefix, "share"))
 proj.setting(:mandir, File.join(proj.datadir, "man"))
diff --git a/configs/projects/agent-runtime-main.rb b/configs/projects/agent-runtime-main.rb
index e7bdce75a..15577ab0e 100644
--- a/configs/projects/agent-runtime-main.rb
+++ b/configs/projects/agent-runtime-main.rb
@@ -43,6 +43,8 @@
   # platforms that use older rubies.
   proj.setting(:gem_install, "#{proj.host_gem} install --no-document --local")
 
+  proj.setting(:gem_cleanup, "#{proj.host_gem} cleanup")
+
   ########
   # Load shared agent components
   ########