Gold prices fell as traders reacted to Donald Trump’s nomination of Scott Bessent as Treasury Secretary and anticipated the Federal Reserve’s upcoming interest rate decision. Despite a weaker US dollar, which typically supports gold, bullion dropped nearly 2% after a significant rally last week driven by geopolitical tensions. The market views Bessent’s nomination as a stabilizing factor for the economy, potentially reducing gold’s appeal as an inflation hedge. Analysts suggest that profit-taking and Bessent’s perceived moderate stance on trade may have contributed to the decline.