At the opening of the trading session on 24/6, spot gold prices fell by over 30 USD to 3,332 USD per ounce. The market then partially recovered, reaching 3,349 USD.

Global gold prices plummeted after Trump's announcement. Chart: Kitco

The precious metal lost value after US President Donald Trump announced a ceasefire agreement between Israel and Iran, ending the 12-day conflict. The agreement will be implemented in phases, starting at midnight on 23/6 (Washington time).

Since the beginning of the year, geopolitical tensions, US import taxes, and central banks' reserve demands have pushed gold prices up by 28%. At one point, the price reached a new peak of 3,500 USD per ounce.

Global crude oil prices also fell sharply this morning as investors became less worried about the Israel-Iran conflict. At the close of trading on 23/6, both Brent and WTI crude oil prices fell by over 7% – the most in three years – as Iran had not yet taken any action to disrupt the flow of oil and gas in the region. The country's latest attack was on a US military base in Qatar, in retaliation for the US airstrikes on their nuclear facilities.

The news of the Israel-Iran ceasefire further pushed oil prices down on the morning of 24/6. Brent crude is currently down another 3.6% to 68.9 USD per barrel. US WTI crude oil fell 3.8% to 65.8 USD. These prices are now comparable to pre-conflict levels.

On Truth Social on 23/6, President Trump also expressed his desire for oil prices to fall (due to concerns that the conflict in the Middle East has caused crude oil to soar for many days). He also urged the US Department of Energy to increase crude oil production "immediately".

Asian stock markets also rallied this morning following news from the Middle East. Japan's Nikkei 225 index opened up 1.6%. Topix rose 1.32%. South Korea's Kospi and Kosdaq both rose nearly 2%. Australia's S&P/ASX 200 is currently up 1.1%.

US stock market futures are currently all rising. DJIA futures are up 134 points, or 0.3%. S&P 500 futures are up 0.4%. Nasdaq 100 futures are up the most, at 0.6%.

Ha Thu (according to Reuters, Bloomberg)