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Gold falls approximately 2 percent on revenue-booking, Trump's Treasury Secretary pick
(MENAFN) Gold fell approximately 2 percent on Monday, weighed down by revenue-taking following a five-session rally, with further tensions from the declaration of fund manager Scott Bessent as the next US Treasury secretary.
Spot gold declined 1.8 percent at USD2,664.53 per ounce, as of 0619 GMT, following decreasing over 2 percent previously in the session. Bullion had reached its largest since November 6 previously in the day.
US gold futures shed 1.7 percent to USD2,666.40.
Gold's five-session rally has stopped because of some revenue-taking and Donald Trump's pick of Bessent as the next US Treasury secretary, hinting at tempered consume of taxes and rising US-China trade uncertainty, stated IG market analyst Yeap Jun Rong.
President-elect Trump has floated the strategy of a 60 percent tax on Chinese products and a minimum 10 percent charge on all other imports.
Gold is seen as a safe investment throughout times of economic and political uncertainty.
Spot gold declined 1.8 percent at USD2,664.53 per ounce, as of 0619 GMT, following decreasing over 2 percent previously in the session. Bullion had reached its largest since November 6 previously in the day.
US gold futures shed 1.7 percent to USD2,666.40.
Gold's five-session rally has stopped because of some revenue-taking and Donald Trump's pick of Bessent as the next US Treasury secretary, hinting at tempered consume of taxes and rising US-China trade uncertainty, stated IG market analyst Yeap Jun Rong.
President-elect Trump has floated the strategy of a 60 percent tax on Chinese products and a minimum 10 percent charge on all other imports.
Gold is seen as a safe investment throughout times of economic and political uncertainty.
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