WASHINGTON (dpa-AFX) - Gold prices fell more than 1 percent on Tuesday to hit a two-week low as the ceasefire agreement between Israel and Iran diminished bullion's safe-haven demand appeal.
Spot gold fell 1.4 percent to $3,323.32 per ounce in European trade, while U.S. gold futures were down 1.8 percent at $3,335.05.
The office of Israeli Prime Minister Benjamin Netanyahu and Iranian state media outlet Press TV have confirmed a ceasefire had begun.
The ceasefire agreement announced by U.S. President Donald Trump came after an apparent intensification of hostilities, with Iran on Monday carrying out retaliatory missile strikes at the U.S. Al Udeid Air Base in Qatar.
In economic news, U.S. house price index for April, U.S. Consumer Board's consumer confidence for June and U.S. Richmond Fed manufacturing index for June are set to be published in the New York session.
The dollar index fell to a one-week low ahead of Fed Chair Jerome Powell's two-day Congressional testimony starting tonight.
On Monday, Federal Reserve Vice Chair Michelle Bowman said she favored a rate cut 'as soon' as July if inflationary pressures remain contained.
Markets currently imply around a 22 percent chance the Fed will cut at its next meeting on July 30.
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