By Gokhan Ergocun
ISTANBUL (AA) - The price of gold decreased around 1.5% on Tuesday on a daily basis as the geopolitical tension eased in the Middle East region.
The ounce price of gold dropped by 1.46% to $3,318.60 as of 1000GMT following the ceasefire announcement between Iran and Israel.
US President Donald Trump announced early Tuesday a ceasefire between Iran and Israel.
On June 13, Israeli strikes began targeting Iranian military and nuclear sites. Iran retaliated by firing hundreds of missiles and drones at Israel.
Amid the two countries' clashes, the US also intervened and bombed nuclear facilities in Iran.
Iran also launched a barrage of missiles at the US military’s Al Udeid Air Base in Qatar on Monday.
During the clashes, commodity prices, particularly oil and gold, increased significantly.