Gold plunges 3% as Trump Treasury pick and potential Israel-Hezbollah truce fuel risk-on mood

Gold prices plummeted by 3% following Scott Bessent’s selection as Treasury secretary by President-elect Donald Trump, and reports of a potential ceasefire deal between Israel and Hezbollah, reducing the appeal of the safe-haven metal. Spot prices of gold dropped to $2,616.80 per ounce, with futures trading at $2,628.5. The selloff was attributed to Bessent’s appointment, progress towards an Israel-Hezbollah ceasefire, and a decrease in physical demand from Asian central banks and traders.

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