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Trump says Iran and Israel agree to ceasefire

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Global shares rally, oil slumps

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Focus on Powell's testimony for clues on US rate path

(Adds comments, updates for Asia morning session)

By Brijesh Patel

June 24 (Reuters) - Gold prices fell to a near two-week

low on Tuesday as risk appetite improved after U.S. President

Donald Trump said Iran and Israel had agreed to a ceasefire,

denting demand for safe-haven assets.

Spot gold was down 0.5% to $3,351.47 an ounce, as of

0257 GMT, after hitting its lowest level since June 11 earlier

in the session.

U.S. gold futures slipped 0.9% to $3,365.30.

"It seems like there's a good bit of geopolitical risk

that's exiting the market here near term after, of course, we

have signs of de-escalation between the U.S. and Iran," said

Ilya Spivak, head of global macro at Tastylive.

Trump announced a complete ceasefire between Israel and

Iran, potentially ending the 12-day conflict that saw millions

flee Tehran and prompted fears of further escalation in the

war-torn region.

There was no immediate comment from Israel. While an Iranian

official earlier confirmed that Tehran had agreed to a

ceasefire, the country's foreign minister said there would be no

cessation of hostilities unless Israel stopped its attacks.

Global shares rallied, while oil prices slipped to a

one-week low after Trump announced the Iran-Israel ceasefire.

Meanwhile, U.S. Federal Reserve Vice Chair for Supervision

Michelle Bowman said on Monday that the time to cut interest

rates is approaching amid potential risks to the job market.

Investors await testimony by Fed Chair Jerome Powell before

the House Financial Services Committee later on Tuesday. Powell

has been cautious about signalling near-term easing.

"The bias for gold prices is higher, but we might see a

correction in near-term and an uptick in the dollar if Powell

convinces markets that they're not going to cut more than twice

this year," Spivak said.

Gold tends to thrive in a low-interest-rate environment.

Elsewhere, spot silver eased 0.1% to $36.10 per

ounce, platinum fell 0.2% to $1,292.39, while palladium

slipped 0.4% to $1,073.05.

(Reporting by Brijesh Patel and Anmol Choubey in Bengaluru;

Editing by Rashmi Aich and Mrigank Dhaniwala)