A potential Israel-Hezbollah ceasefire agreement and Bessent’s appointment were the key contributors to the bullion selloff, experts said.

Gold prices plunged over 3% on Monday, breaking a five-session rally to its highest in nearly three weeks, as reports of Israel nearing a ceasefire with Hezbollah, coupled with Trump's nomination of Scott Bessent as the U.

Israel is reportedly moving toward a ceasefire agreement with Hezbollah in Lebanon after nearly a year of fighting escalated into an all-out war

Gold prices eased on Monday from a three-week high hit earlier in the session as investors booked profits and traders adjusted their expectations for Federal Reserve rate cuts, awaiting further data to assess the interest rate outlook.

Gold prices eased from a one-week high on Wednesday as the dollar strengthened, though safe-haven demand linked to Russia-Ukraine tensions helped cap further losses.