November 25, 2024 (Globalinvestorideas.com Newswire) Globalinvestorideas.com, a go-to platform for big investing ideas releases market commentary from Quasar Elizundia, Expert Research Strategist at Pepperstone.
“Gold futures slipped today as investors engage in profit-taking ahead of key U.S. economic data releases, including the Federal Reserve’s November FOMC meeting minutes, GDP, and core PCE data. Market participants are also assessing the impact of Donald Trump’s appointment of Scott Bessent as Treasury Secretary, a decision viewed as potentially stabilizing for the U.S. economy and financial markets. While Bessent supports Trump’s protectionist policies and tax cuts, there is an expectation that he will moderate the impact of tariffs and help control inflation through reduced government spending.
Today’s decline follows last week’s strong rally driven by the Russia-Ukraine war. The risk of further escalation remains high, and geopolitical tensions are likely to continue influencing market sentiment, supporting gold prices in the medium to long term. Furthermore, Trump’s new trade tariffs and the potential for a trade war could destabilize global trade, contributing to demand for gold as a safe-haven asset. While short-term volatility may persist, strong underlying factors suggest that sustained interest in the precious metal will continue to support upside in gold prices.”
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