Sharjah24 - Reuters : After rising five sessions, gold prices fell more than 1% on Monday due to profit-taking, which was exacerbated by the news that fund manager Scott Bessent would be the next U.S. Treasury Secretary.
Spot gold fell 1.52% to $2,671.29 per ounce as of 0501 GMT, while U.S. gold futures shed 1.5% to $2,672.90. Spot prices had hit their highest since Nov. 6 earlier in the session.
Gold's five-day rally pauses due to some profit-taking and Trump's pick of Scott Bessent as U.S. Treasury Secretary, hinting at tempered use of tariffs and easing U.S.-China trade uncertainty, said IG market strategist Yeap Jun Rong.
President-elect Donald Trump has floated the idea of a 60% tariff on Chinese goods and at least a 10% levy on all other imports.
Gold is considered a safe investment during times of economic and political uncertainty.
Investors are also watching out for the Federal Reserve’s November FOMC meeting minutes, GDP data (first revision), and core PCE figures, all due this week.
Traders currently see a 56% chance of another 25 basis points rate cut in December, compared to 62% last week, according to the CME Fedwatch tool.
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