Gold Pares Gains as Bessent Plays Down Revaluing US Reserves

Gold pared gains after reaching a fresh record, as traders booked some profits after US Treasury Secretary Scott Bessent dismissed speculation that the government might revalue its bullion holdings.

When discussing plans for a sovereign wealth fund, Bessent said revaluing US gold reserves is “not what I had in mind.” That appeared to play down the idea of revaluing reserves from the $42-an-ounce price set in 1973 to current market prices, which would deliver a one-time windfall of around $750 billion for the government and thereby reduce the need to issue bonds.

Bloomberg last week reported that the idea was ...