Gold prices saw a significant drop of as much as 2% to $3,300 an ounce early Tuesday after US President Donald Trump announced a complete ceasefire agreement between Israel and Iran. The prices later recovered to around $3,320 per ounce.
Despite the pullback, gold remains up over 25% since the beginning of the year, as investors have increasingly turned to the metal as a safe haven amid ongoing geopolitical tensions and trade uncertainties. Peter Grant from Zaner Metals noted that the recent de-escalation in the Middle East has diminished safe-haven demand, shifting the market toward a risk-on sentiment.
