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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
View all Reports
Markets 2 MIN READ

Gold tumbles over 3% on reports of Israel-Hezbollah ceasefire, US Treasury pick

November 26, 2024By Reuters
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Gold prices plunged over 3% on Monday, breaking a five-session rally to its highest in nearly three weeks, as reports of Israel nearing a ceasefire with Hezbollah, coupled with Trump’s nomination of Scott Bessent as the US Treasury Secretary soured the precious metal’s safe-haven appeal.

Spot gold fell 3.4% to USD 2,619.66 per ounce by 02:01 p.m. ET (1901 GMT), its biggest daily percentage decline since June 07. US gold futures settled 3.5% lower to USD 2618.50.

Gold prices were primed for a sell-off on buying exhaustion after last week’s rally. Scott Bessent’s Treasury Secretary appointment further took away some of the risk premium associated with the US, said Daniel Ghali, commodity strategist at TD Securities.

“And even more so, reports that Israel and Lebanon have agreed to terms of an agreement to end the Israel and Hezbollah conflict have pushed gold prices even further (lower).”

Gold is traditionally seen as a safe investment during economic and geopolitical uncertainty such as conventional or trade wars.

Some market participants see Bessent as less negative for a trade war, said UBS analyst Giovanni Staunovo.

Bullion hit its highest since Nov. 6 in early Asian trade following last week’s nearly 6% weekly surge, its best since March 2023, spurred by escalating tensions in the Russia-Ukraine conflict.

Traders are also gearing up for a pivotal week, with minutes from the Federal Reserve’s November meeting, US GDP revisions, and core PCE data expected to provide insights into the central bank’s policy outlook.

“I still anticipate a 25 bps rate cut in December, but recent Fed speakers have taken on a more cautious tone heading into 2025, which could pose a bit of a headwind for gold,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Spot silver dropped 3.3% to USD 30.28 per ounce, platinum was down 2.6% to USD 938.57 while palladium slipped 3.1% to USD 977.94.

(Reporting by Sherin Elizabeth Varghese, Rahul Paswan and Swati Verma in Bengaluru; Editing by Tasim Zahid and Mohammed Safi Shamsi)

 

This article originally appeared on reuters.com

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