Well... it would depend, for me, if the older horse seems to be upset, or isn't getting enough feed, or just seems to getting "depressed" - I'd remove the gelding.
Otherwise... usually horses will sort out horse politics on their own, given time. To make sure everyone is safe, make sure there is enough space for the horses to get out of each other's way, safe fencing, and no "junk" in the field for them to get hurt on - then monitor the situation. New horses will often go through a phase where they either get picked on by the established horse... or they do the bullying, it seems (in my experience) to work itself out eventually.