Gold Slumps on Ceasefire, Treasury News

Mark O'Donnell
- Research Analyst -
November 26, 2024
CFD, Commodities, Forex, Gold, Trading Opportunities

Gold’s sharp drop followed reports of a potential ceasefire between Israel and Hezbollah, reducing geopolitical risk and safe-haven demand.
The market’s response to Scott Bessent’s Treasury Secretary appointment added to bearish sentiment, as investors anticipate a moderated approach to Trump’s tariffs.

Gold (XAU/USD) plunged during Monday’s US session, dropping nearly 3.5% from its recent peak following reports from Axios that Israel and Hezbollah may have agreed to a ceasefire.

Gold has fallen below key technical levels, trading under its 200-, 100-, and 50-day Simple Moving Averages after recently peaking around $2,720.

Possibly adding to the downward pressure is President-elect Donald Trump’s announcement of Scott Bessent, as the new Treasury Secretary. While Bessent is seen supporting Trump’s protectionist and tax-cutting policies, investors expect his appointment may temper the impact of proposed tariffs.

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