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 U.S. Treasury Secretary soured the precious metal's safe-haven appeal.
Spot gold fell 3.4% to $2,619.66 per ounce by 02:01 p.m. ET (1901 GMT), its biggest daily percentage decline since Jun.07. U.S. gold futures settled 3.5% lower to $2618.50.
Traders are also gearing up for a pivotal week, with minutes from the Federal Reserve's November meeting, U.S. GDP revisions, and core PCE data expected to provide insights into the central bank's policy outlook.
Spot silver dropped 3.3% to $30.28 per ounce, platinum was down 2.6% to $938.57 while palladium slipped 3.1% to $977.94.
Source: Reuters
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