Nov 26 (Reuters) - Gold prices fell on Tuesday to their lowest in more than a week, weighed down by a stronger dollar and reports of a potential Israel-Hezbollah ceasefire that dampened safe-haven demand.
FUNDAMENTALS
* Spot gold XAU= was down 0.2% at $2,621.06 per ounce, as of 0023 GMT, after hitting its lowest since Nov. 18 earlier in the session.
* Bullion fell more than 3% in the previous session on the ceasefire reports and U.S. President-elect Donald Trump's nomination of Scott Bessent as the Treasury secretary.
* U.S. gold futures GCv1 edged 0.1% higher to $2,621.10.
* On the geopolitical front, U.S. President Joe Biden and French President Emmanuel Macron are expected to announce a ceasefire in Lebanon between armed group Hezbollah and Israel imminently, four senior Lebanese sources said.
* Gold is traditionally seen as a safe investment during times of economic and geopolitical uncertainty such as conventional or trade wars.
* The dollar rose against major peers after Trump threatened Canada and Mexico with a 25% tariff on all imports into the United States. A stronger dollar reduces gold's appeal for holders of other currencies. USD/
* Markets currently estimate a 55.9% chance of a 25-basis-point U.S. Federal Reserve rate cut in December, according to the CME Group's FedWatch Tool.
* Meanwhile, Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the U.S. central bank's policy spectrum, said he is open to cutting rates again next month.
* Traders will closely monitor U.S. consumer confidence data and minutes of the Fed's November meeting due later in the day, along with GDP (first revision) and core PCE figures set for release later this week.
* SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.16% to 879.41 tonnes on Monday. GOL/ETF
* Spot silver XAG= fell 0.3% to $30.19 per ounce, platinum XPT= shed 0.5% to $934.00 and palladium XPD= was down 0.2% to $971.07
DATA/EVENTS (GMT)
1500 US Consumer Confidence Nov
1500 US New Home Sales-Units Oct
(Reporting by Daksh Grover in Bengaluru; Editing by Subhranshu Sahu)
((Daksh.Grover@thomsonreuters.com;))
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