Gold Prices Retreat to Two-Week Low After Ceasefire Agreement Between Iran and Israel
Gold prices witnessed a significant retreat today, Tuesday, June 24, to reach their lowest levels in about two weeks, following the announcement by US President Donald Trump of a ceasefire agreement between Iran and Israel, reducing demand for the yellow metal as a safe haven.
Gold price in spot trading dropped by 1.08%, reaching $3332.05 per ounce, while US gold futures fell by 0.9% to $3363.50.
Trump posted on the "Truth Social" platform that the ceasefire between the two countries would be "complete and comprehensive" and would take effect within 12 hours, stating that the war is "over."
A senior official at the White House, who requested anonymity, confirmed that Trump mediated the agreement during a phone call with Israeli Prime Minister Benjamin Netanyahu on Monday, while the US team continued to engage with Iranian officials.
The official added that Israel agreed to the ceasefire on the condition that "Iran does not carry out further attacks," indicating that Tehran expressed commitment to the agreement.
In a related context, silver saw a slight increase in spot trading by 0.1%, reaching $36.03 per ounce, while platinum declined by 0.3% to $1260.78, and palladium dropped by 0.1% to $1043.
This development comes after 12 days of military escalation between Israel and Iran, which previously drove investors to turn to gold as a safe asset amid geopolitical concerns.
