FX.co ★ Gold Slides on Israel-Iran Ceasefire

Gold prices decreased to approximately $3,350 per ounce on Tuesday after the announcement of a ceasefire agreement between Israel and Iran, which reduced the metal’s allure as a safe-haven investment. President Donald Trump declared late Monday that both countries had consented to a full ceasefire, stating that Iran would initiate the truce immediately, with Israel following suit after a 12-hour period. These remarks from Trump followed a minimal retaliatory action by Iran targeting a United States military base in Qatar, which resulted in no reported casualties. Meanwhile, investors are keenly observing Federal Reserve Chair Jerome Powell, who is scheduled to present testimony before the US Congress on Tuesday and Wednesday, for any insights regarding future interest rate adjustments.