On November 25, gold prices experienced a sharp decline of nearly 2%, as investors engaged in profit-taking following a five-day streak of gains. The precious metal faced additional downward pressure after the announcement that Scott Bessent, a prominent fund manager, would be the next U.S. Treasury Secretary. By 0619 GMT, spot gold had dropped by 1.8%, trading at $2,664.53 per ounce, after having fallen by more than 2% earlier in the session. Earlier in the day, gold had reached its highest level since November 6, driven by a strong rally. Meanwhile, U.S. gold futures followed suit, retreating by 1.7% to settle at $2,666.40 per ounce, reflecting the broader downturn in the market.

Gold drops nearly 2%

Nov 25 2024