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Indonesia News Portal for Traders | Financial & Business Updates

27 November 2024 03:06  |

Gold steady as safe-haven demand faces mixed geopolitical signals

Gold prices were caught in a tug-of-war on Tuesday, dipping to a week's low as safe-haven demand softened as Israel agreed to a ceasefire deal with Lebanon, while concern over Ukraine and U.S. President-elect Donald Trump's tariff plans limited declines.

Spot gold was steady at $2,626.83 per ounce as of 02:07 p.m. ET (1906 GMT), erasing some of the earlier losses when prices hit their lowest since Nov. 18. U.S. gold futures settled 0.1% higher at $2,621.30.

This follows Monday's dramatic $100 plunge, when gold retreated from a three-week high. The sell-off was fueled by Israel and Hezbollah ceasefire optimism and further pressured by Trump's nomination of Scott Bessent as Treasury Secretary, which tempered demand for gold as a safe haven.

Israel's security cabinet has agreed a ceasefire deal with Lebanon, Channel 12 reported on Tuesday.

Concern over the wider fallout from Russia's invasion of Ukraine continues to remain very high, however, Grant said adding that gold will likely experience choppy consolidation in the near term, ranging between $2,575-$2,750.

Source: Reuters

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