By 06:19 GMT, gold in spot transactions fell 1.8 percent to $2,664.53 per ounce, after falling by more than two percent earlier in the session. The yellow metal reached its highest levels since November 6 earlier in today’s session.
US gold futures fell 1.7 percent to $2,666.40 an ounce.
Yip Jun Rong, a market expert at IG, said that the wave of gold’s rise, which lasted for five consecutive sessions, was halted due to some profit-taking and Trump’s choice of Besant as the next Secretary of the Treasury, which indicates an easing of the policy of relying on customs tariffs and reducing the state of uncertainty regarding trade between the United States. And China.
President-elect Trump is proposing the idea of imposing tariffs of 60 percent on Chinese goods and at least ten percent on all other imports.
It usually is gold A safe investment during times of economic and political instability.
Investors are also awaiting minutes from the Federal Reserve’s November meeting, first revision data on GDP and personal consumption expenditures data, all of which are scheduled for release this week.
According to CME’s Fed Watch tool, traders currently see a 56 percent probability of another 25 basis point rate cut in December, compared to 62 percent last week.
High interest rates make the non-yielding precious metal less attractive.
On the geopolitical level, I launched a group Hezbollah A heavy barrage of missiles hit Israel yesterday, Sunday, following Israeli air strikes that killed at least 29 in Beirut. There were reports of damage nearby Tel Aviv.
As for other precious metals, silver fell in spot transactions by 2.2 percent to $30.63 per ounce. Platinum fell 1.2 percent to $952. Palladium fell 1 percent to $998.88 per ounce.
