Gold falls as haven demand ebbs after Trump announces ceasefire
Gold retreated as haven demand ebbed after US President Donald Trump announced that Israel and Iran had agreed to a ceasefire that would start about midnight Monday in Washington.
Bullion fell as much as 0.6% to below $3,350 an ounce in early Asian trading. Trump, who made the surprise announcement on his Truth Social platform days after ordering airstrikes on Iran’s nuclear facilities, said the accord is aimed at a lasting end to the fighting. There was no immediate comment from Iran or Israel.
Rising haven demand due to increasing geopolitical tensions has been one of the main catalysts for gold’s 28% advance this year, along with concerns over the economic impact of Trump’s tariffs and increased buying from central banks. Investors will be keeping an eye on testimony from Federal Reserve Chairman Jerome Powell in coming days for hints on monetary easing, with lower rates typically supportive for non-interest paying bullion.
Spot gold dropped 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 higher, platinum was steady and silver declined.
(This article is cited from mining.com.)
