Gold prices tumbled on Tuesday, falling over 1% to hit a two-week low after U.S. President Donald Trump announced a ceasefire between Israel and Iran, dampening demand for the safe-haven asset.
Spot gold dropped 1.3% to $3,326.33 per ounce, while U.S. gold futures fell 1.6% to $3,340.20.
“Gold prices are trending lower today, driven by a shift towards greater risk appetite as optimism grows over a potential end to hostilities in the Middle East,” said Ricardo Evangelista of ActivTrades.
Despite the dip, analysts expect support around $3,300, and ANZ projects that gold could reach $3,600 per ounce by year-end, fueled by potential Fed rate cuts and ongoing global uncertainty.
Elsewhere, spot silver edged down to $36.11, platinum rose to $1,307.53, and palladium slipped to $1,073.48.
