In precious metals, Gold prices fell yesterday by more than 1% to $3,324/oz as both Israel and Iran reportedly upheld the ceasefire agreement after some earlier confusion and the intervention of the US president, ING's commodity experts Ewa Manthey and Warren Patterson note.
Iran-Israel ceasefire is reducing safe haven demand
Silver also performed weakly as broader economic sentiment improved. Additional pressure on Gold prices also stems from expectations that Fed Chair Jerome Powell may not be in a hurry to implement further rate cuts, considering inflation continues to exceed long-term targets and the Fed is observing the unfolding impact of import tariffs."
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