Gold futures experienced a minor slip on Monday as investors engaged in profit-taking while awaiting significant U.S. economic data releases, notably including the Federal Reserve's November FOMC meeting minutes.
Market players are reflecting on the potential effects of Donald Trump's appointment of Scott Bessent as Treasury Secretary, a move perceived as potentially stabilizing for the U.S. economy and financial markets despite Bessent's support for protectionist policies.
With ongoing geopolitical tensions from the Russia-Ukraine war and concerns about Trump's new trade tariffs, the demand for gold as a safe-haven asset is expected to persist in the medium to long term.
Despite the current market volatility and geopolitical uncertainties, strong underlying factors imply that there will be sustained interest in gold, propelling its long-term price upside.
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