Gold prices fall amid ceasefire hopes and stronger US dollar

Gold traded around $2,610 per ounce on Tuesday, following a 3.4% decline in the previous session as reports of a potential Israel-Hezbollah ceasefire dampened demand for safe-haven assets.

Gold prices fall amid ceasefire hopes and stronger US dollar The precious metal also faced pressure from a stronger US dollar after President-elect Donald Trump outlined plans to impose a 25% tariff on imports from Mexico and Canada starting on his first day in office, alongside an additional 10% tariff on Chinese goods.

Bessent nomination weighs on gold

Further weighing on gold was Trump’s nomination of Scott Bessent as Treasury Secretary, who has expressed support for a gradual approach to trade restrictions and willingness to negotiate tariff levels. Investors are now focused on the upcoming release of the Federal Reserve's November meeting minutes, which may offer key insights into the central bank's monetary policy stance.