Gold price (XAU/USD) maintains its heavily offered tone through the first half of the European session on Monday. Scott Bessent's nomination as US Treasury Secretary clears a major point of uncertainty for markets. This, along with reports that Israel was close to reaching a ceasefire with the military group Hezbollah in Lebanon, boosts investors' confidence and turns out to be a key factor undermining demand for the safe-haven precious metal.
Moreover, expectations that US President-elect Donald Trump's proposed policies could reignite inflation and limit the scope for the Federal Reserve (Fed) to cut interest rates act as a tailwind for the US Dollar (USD). This exerts additional pressure on the non-yielding Gold price. Meanwhile, Bessent is expected to take a more phased approach to tariffs in an attempt to rein in the budget deficit. This, in turn, offers some respite to bond investors and triggers a sharp decline in the US Treasury bond yields, which offers some support and helps limit the downside for the XAU/USD.
Sumber: newsmaker.id
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