Precious Metals Preview: COMEX gold holds near 2-week low

COMEX gold is seen extending recent slide under $3400 mark as a ceasefire agreement between Israel and Iran dampened the safe-haven demand. President Trump said on Monday that a complete and total ceasefire between Israel and Iran will go into effect to end the conflict between the two nations. The counter is holding near a two-week low and is currently seen at $3367.10 an ounce, down 0.82% on the day. Meanwhile, dollar index is also losing appeal as risk sentiments gained momentum following Trumps? announcement and amid dovish Fed comments, which could likely limit downside in the yellow metal. Dollar on Monday dropped from a 3-week high after Fed Governor Bowman and Chicago Fed President Goolsbee said they favored a Fed rate cut at next month?s FOMC meeting.

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