Gold prices fell by more than 3% after Trump appointed Scott Bessent as US Treasury Secretary, as well as in connection with reports of a possible ceasefire agreement between Israel and Hezbollah. This was reported by Reuters, according to UNN.
Details
The spot price of gold fell by 3.4% to $2619.66 per ounce, the largest daily percentage drop since June 7. Gold futures in the US fell by 3.5% to $2618.50.
Today's drop in gold prices by about $100 is as serious in scale and pace as the sell-off after the November 6 US election
According to Shils, the key factors behind the bullion sale were a potential ceasefire agreement between Israel and Hezbollah and the appointment of Bessent.
Recall
Earlier, UNN reported that the price of gold rose to $2688 per ounce amid the escalation of the war in Ukraine.
Gold rises in price as war in Ukraine escalates - Reuters22.11.24, 11:03