Gold prices (XAU/USD) fell during the North American session on Monday (11/25) as news of a ceasefire between Lebanon and Israel spread, dampening appetite for riskier assets. This, along with the appointment of Scott Bessent as Treasury Secretary for the Trump administration, weighed on the yellow metal. XAU/USD is trading at $2,620, down more than 3%.
The increased risk appetite is driving the movement in Gold prices. The non-yielding metal has fallen below its 50-day Simple Moving Average (SMA) of $2,664, opening the door for further downside.
Market participants welcomed Bessent's appointment. UBS Commodity Analyst Giovanni Staunovo commented, "Some market participants see him as less negative about the trade war, given his comments on a gradual approach to implementing tariffs." According to Joaquin Monfort, an analyst at FX Street, Bessent advocates a "three-three" policy. The policy suggests that he will try to reduce the US deficit by 3% of the annual Gross Domestic Product (GDP), achieve an annual GDP growth rate of 3%, and increase US Crude Oil production by 3 million barrels per day.
A recent report revealed by Axios revealed that Israel and Lebanon are close to agreeing on terms to end the Israel-Hezbollah conflict, which has lifted Gold prices to record highs.
Bullion traders are also eyeing the release of Consumer Confidence data, the latest Federal Open Market Committee (FOMC) Meeting Minutes, Initial Jobless Claims, and the Fed's preferred inflation gauge, the Personal Consumption Expenditures (PCE) Price Index.
Source: FXStreet
Gold held a fifth weekly advance, boosted by the Federal Reserve's first rate cut of the year, with investors looking to a key inflation print due Friday for more clues about the US central bank'...
Gold prices rallied on Friday (September 20th) and headed for a fifth straight weekly gain, with market attention focused on further cues after the US Federal Reserve's first interest rate cut of the ...
Gold prices (XAU/USD) edged higher on Friday, halting a two-day decline, trading around $3,663 in the US session. This move followed a wild midweek reaction to the Fed's interest rate decision. On We...
Gold prices edged higher on Friday, poised for a fifth consecutive weekly gain, following the U.S. Federal Reserve's first rate cut of the year, while investors awaited further signals on the U.S. pol...
Gold edges lower in the early Asian session amid a cautious mood. The market still sees a high probability of another 25bps rate cut by the Fed in October, but the central bank's guidance leaned sligh...
Crude oil prices rose on Monday, driven by geopolitical tensions in Europe and the Middle East, although market concerns remained over potential additional supply and the impact of trade tariffs on global demand. Brent crude rose 0.67% to $67.13...
Both the STOXX 50 and the STOXX 600 were little changed on Monday, as traders began the week cautiously ahead of remarks from several Fed officials that could help shape the monetary outlook for the rest of the year. Investors also weighed...
Japan stocks were higher after the close on Monday, as gains in the Real Estate, Banking and Textile sectors led shares higher. At the close in Tokyo, the Nikkei 225 gained 1.02% to hit a new all time high. The best performers of the session on...
US stocks closed at new highs on Friday (September 19), continuing their record-breaking rally from the previous session as investors digested...
European stocks closed slightly higher on Friday (September 19th) as strength in the heavyweight financial sector offset mixed movements elsewhere,...
US equities were higher on Friday, extending momentum after the three major benchmarks notched fresh record closes in the previous session. For the...
Asia-Pacific markets traded higher Monday, tracking Wall Street's gains on Friday stateside, as investors awaited China's key lending rate decision...