Gold prices corrected sharply after reaching a two-week high, with sellers regaining control near $2,700.

Gold sheds 1.8% as sellers regain control near US$2,700

Gold prices retreated sharply on Monday after briefly touching a two-week high of US$2,721 earlier in the session.&nbsp;By 3:30 pm AEDT (4:30 am GMT) spot gold prices shed $45.73 or 1.7% to US$2,670.58 per ounce.&nbsp;Despite a weakening U.S. dollar and declining Treasury bond yields, the precious metal failed to sustain its rally amid improving risk sentiment and easing geopolitical tensions.&nbsp;This reaction came after U.S. President-elect Donald Trump announced Scott Bessent, a seasoned Wall Street figure, as his Treasury Secretary. Bessent’s appointment boosted confidence in fiscal conservatism, stabilising U.S. Treasury markets.&nbsp;In these conditions, the non-yielding gold price struggled to benefit, as geopolitical risks showed signs of easing. Reports of a potential ceasefire agreement between Israel and Lebanon, along with reduced uncertainty surrounding the incoming U.S. administration, weighed on the safe-haven appeal of gold. Traders are also adopting a cautious stance ahead of Wednesday’s U.S. inflation data, with the Thanksgiving holiday week limiting broader market moves.

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Gold sheds 1.8% as sellers regain control near US$2,700 | Azzet™ - Where decisions are made