June 24 (Reuters) - Gold hit a near two-week low on
Tuesday after U.S. President Donald Trump announced that Iran
and Israel had agreed to a ceasefire to end their 12-day
conflict, reducing safe-haven demand for the metal.
FUNDAMENTALS
* Spot gold slipped 0.6% to $3,349.89 an ounce, as of
0030 GMT, after hitting its lowest level since June 11.
* U.S. gold futures fell 0.9% to $3,364.20.
* Writing on his Truth Social site, Trump implied a
"complete and total" ceasefire between Israel and Iran would go
into effect in 12 hours, and then the war would be considered
"ended."
* Trump brokered the deal on Monday during a call with
Israeli Prime Minister Benjamin Netanyahu, while his team
engaged with Iranian officials, a senior White House official
said.
* Speaking on condition of anonymity, the official said
Israel agreed to the truce provided Iran does not launch further
attacks. Iran signalled it would abide by the agreement, the
official added.
* Meanwhile, U.S. Federal Reserve Vice Chair for Supervision
Michelle Bowman said on Monday that the time to cut interest
rates is approaching amid potential risks to the job market.
* Federal Reserve Bank of Chicago President Austan Goolsbee
said, thus far, the surge in tariffs has had a more modest
impact on the economy relative to what was expected.
* Investors are looking ahead to testimony by Fed Chair
Jerome Powell before the House Financial Services Committee
later on Tuesday, though Powell has been cautious about
signalling near-term easing.
* Futures markets continue to price in rate cuts beginning
at the September policy meeting.
* U.S. business activity slowed marginally in June, though
prices increased further amid Trump's aggressive tariffs on
imported goods, suggesting that an acceleration in inflation was
likely in the second half of the year.
* Elsewhere, spot silver was up 0.1% at $36.03 per
ounce, platinum fell 0.3% to $1,260.78, while palladium
edged down 0.1% to $1,043.
DATA/EVENTS (GMT)
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(Reporting by Anmol Choubey in Bengaluru; Editing by Rashmi
Aich)
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