Gold Futures Fall on Trump's Pick for U.S. Treasury Secretary
Gold futures fall after U.S. President-elect Donald Trump picked Scott Bessent as Treasury Secretary. Futures drop 1.71% to $2,665.40 a troy ounce.
Trump's pick of hedge fund billionaire Bessent spared a risk-on move that saw gold, the U.S. dollar and Treasury yields tick lower and stocks higher, Saxo Bank's Ole Hansen says in a note. Bessent is known as a fiscal hawk, and has expressed that tariffs should be used more as a negotiating tool and implemented gradually among other views, Hansen says. Gold suffered a steep drop on the news, reflecting reduced concerns about the U.S. debt situation and squeezing recently established long positions, Hansen adds.
Source : Dow Jones Newswires