Gold tumbles 3% on reports of Israel-Hezbollah ceasefire, US Treasury pick

Gold prices tumbled nearly 3% on Monday. A possible Israel-Hezbollah ceasefire eased geopolitical worries. Scott Bessent's Treasury nomination also impacted gold. The precious metal lost its safe-haven allure. Traders now eye the Federal Reserve's November meeting minutes and economic data. These will offer clues about future interest rate decisions. Other precious metals like silver, platinum, and palladium also declined.