PRECIOUS-Gold extends slide to one-week low on curbed safety demand, stronger dollar

(Adds comments, details and updates prices) * Bullion declined over 3% on Monday, the most since June 7 * Trump pledges fresh tariffs on Canada, Mexico, and China * Fed's Neel Kashkari says open to cutting rates again next month By Daksh Grover Nov 26 (Reuters) - Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in U.S. dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire. Spot gold XAU= was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. U.S. gold futures GCv1 edged 0.1% lower to $2,614.80. The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a U.S. plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the U.S. Treasury secretary. Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine. "This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger U.S. dollar is also weighing on investor appetite for gold. USD/ The dollar was up by 0.3%, after U.S. President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies. "So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. 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 also keep a close eye on U.S. consumer confidence data and the minutes from the Fed's November meeting later in the day. "I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said. Spot silver XAG= slipped by 0.1% to $2,614.80 per ounce, platinum XPT= shed 1.1% to $928.40 and palladium XPD= was down 0.2% to $971.10. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Spot gold price in USD per oz https://reut.rs/3Zo2TQ6 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Daksh Grover and Swati Verma in Bengaluru; Editing by Subhranshu Sahu, Sherry Jacob-Phillips and Varun H K) (([email protected];))