*

Gold hit over 2-week low earlier in the session

*

Support levels for gold at $3,300, $3,250 level - analyst

*

Fed's Powell says need more time before considering rate

cuts

(Adds comments, updates prices for Americas early-morning

session)

By Sarah Qureshi

June 24 (Reuters) - Gold fell 2% to hit an over

two-week low on Tuesday as the announcement of a ceasefire

between Iran and Israel dented safe-haven demand for bullion.

Spot gold fell 1.9% to $3,303.93 an ounce, as of 1006

a.m. EDT (1406 GMT), after hitting its lowest level since June

11 earlier in the session.

U.S. gold futures slipped 2.2% to $3,318.90.

"The de-escalation of tensions in the Middle East is the

primary factor that's weighing on gold. The safe-haven bid has

diminished and the market is in more of a risk-on mode," said

Peter Grant, vice president and senior metals strategist at

Zanier Metals.

"We've got pretty good support around $3,300 and then even

better support probably at $3,250."

Global shares surged and the dollar dropped on Tuesday after

news of the ceasefire between Israel and Iran, while markets

shrugged off what U.S. President Donald Trump called violations

by both sides.

Israeli Defence Minister Israel Katz had said earlier in the

day that he had ordered the military to mount new strikes on

targets in Tehran, in response to what he said were Iranian

missiles fired in a "blatant violation" of the ceasefire.

"There's some questions about whether this ceasefire is

going to hold ... until it really gets sorted out, I think the

downside (for gold) is probably pretty limited," Grant added.

Meanwhile, U.S. Federal Reserve Chair Jerome Powell said in

testimony prepared for delivery at a congressional hearing on

Tuesday that the central bank needs more time to see if rising

tariffs drive inflation higher, before considering interest rate

cuts.

Markets are anticipating 50 basis point rate cuts by

year-end, starting in October with 25 basis points reduction.

Gold thrives in a low-rate environment as it is a

zero-yielding asset.

Spot silver fell 2% to $35.41 per ounce, platinum

shed 0.7% to $1,286.27, and palladium dropped 1.1%

to $1,064.80.