Gold drops nearly 2% on profit-booking, Trump's Treasury secretary pick

Quick Summary:

GOLD dropped nearly 2% on Monday, weighed down by profit-taking after a five-session rally, with further pressure from the announcement of fund manager Scott Bessent as the next U.S.Treasury secretary.

On the geopolitical front, Hezbollah fired heavy rockets at Israel on Sunday, following an Israeli airstrike that killed at least 29 in Beirut.

Higher interest rates tend to make gold less appealing, as they yield no interest.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaChinaIsraelSingapore

Topics: Scott Bessent Donald Trump Geopolitical /Business/Business News Commodities Silver Gold

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-25 @ 15:27:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 336 words

Reading Time: 2 minutes read

Sentences: 16 lines

Sentence Length: 21 words per sentence (average)

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Copyright Owner: © The Star

News ID: 23818023

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Main Topics: EconomyBusiness

Official Website: thestar.com.my

Update Frequency: 28 posts per day

Year Established: 1971

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News Last Updated: 42 minutes ago

Coverage Areas: Malaysia

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