Gold held steady around $2,620 an ounce on Tuesday (11/26) after dropping 3.4% in the previous session as reports that Israel and Hezbollah were close to a ceasefire deal dampened demand for the safe-haven asset. The precious metal was also hit by a rise in the U.S. dollar after President-elect Donald Trump announced plans to impose 25% tariffs on all imports from Mexico and Canada starting his first day in office, along with an additional 10% tariff on goods from China.
More influential in gold prices was the appointment of Scott Bessent as Treasury Secretary in the incoming administration. Bessent advocated a gradual introduction of trade restrictions and signaled a willingness to negotiate tariff levels that the incoming president supports. Investors now turn their attention to the minutes of the Federal Reserve's November meeting, due later in the day, which could provide key insights into the direction of the central bank's monetary policy.
Source: Trading Economics
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