A faucet includes a faucet body, a bent tube mounted on the faucet body, a water outlet pipe retractably mounted in the bent tube and having a connector, an elastic sleeve mounted in the distal end of the bent tube, a first magnetic member mounted in the elastic sleeve, a locking sleeve mounted on the connector of the water outlet pipe and inserted into the elastic sleeve, a second magnetic member mounted in the locking sleeve and movable to approach the first magnetic member, and a spout locked onto the locking sleeve. Thus, when the locking sleeve is inserted into the elastic sleeve, the second magnetic member is attracted magnetically by the first magnetic member so as to position the locking sleeve in the elastic sleeve and to position the spout onto the distal end of the bent tube.