Gold fell as safe-haven demand waned after U.S. President Donald Trump announced that Israel and Iran had agreed to a ceasefire that would begin around midnight Monday in Washington.
Bullion fell as much as 0.6% to below $3,350 an ounce in early Asian trade. Trump, who made the surprise announcement on his Truth Social platform days after ordering airstrikes on Iran's nuclear facilities, said the deal was aimed at ending the fighting permanently. There was no immediate comment from Iran or Israel.
Rising safe-haven demand as geopolitical tensions escalate has been one of the main catalysts for gold's 28% rally this year, along with concerns about the economic impact of Trump's tariffs and increased buying by central banks. Investors will be watching testimony from Federal Reserve Chairman Jerome Powell in the coming days for clues on monetary easing, with lower interest rates typically supportive of non-interest-bearing bullion.
Spot gold fell 0.5% to $3,353.02 an ounce as of 7:27 a.m. in Singapore. The Bloomberg Dollar Spot Index fell 0.2%. Platinum edged up, silver steady and silver fell. (alg)
Source: Bloomberg
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