Gold prices slip after 5 consecutive sessions of gains

Gold alloys

Gold prices declined sharply today, Nov. 25, affected by profit-taking and the focus on US President-elect Donald Trump's selection of Scott Bessent as Treasury Secretary.

December gold futures fell 1.61%, or $43.70, to $2,668.50 per ounce at 11:10 pm Makkah time. Spot prices also contracted by 1.61% to $2,668.80 an ounce.

Additionally, silver futures for December delivery plunged by 1.90% to $30.74 per ounce , with palladium spot prices also down 1.16% to $997.51 apiece.

This came after gold kept soaring over the past five sessions, achieving weekly gains of 5.5%, amid escalating geopolitical woes in Europe.

In a comment to Reuters, IG Market Strategist Yip Jun Rong said the yellow metal’s rise last week stopped today due to some profit-taking, in addition to the selection of Bissent as a candidate for the position of US Treasury Secretary, who supports Trump's tariff policies.

The deepening of the yellow metal's losses was limited by the decline in the US dollar index - which measures the performance of the greenback against a basket of six otbef currencies - by 0.36% to 107 points.

Meanwhile, all eyes are on the minutes of the Federal Reserve meeting, the first review of US GDP growth, and the core personal consumption expenditures data, which are scheduled to be released later this week.