June 24 (Reuters) - Gold hit a near two-week low on

Tuesday after U.S. President Donald Trump announced that Iran

and Israel had agreed to a ceasefire to end their 12-day

conflict, reducing safe-haven demand for the metal.

FUNDAMENTALS

* Spot gold slipped 0.6% to $3,349.89 an ounce, as of

0030 GMT, after hitting its lowest level since June 11.

* U.S. gold futures fell 0.9% to $3,364.20.

* Writing on his Truth Social site, Trump implied a

"complete and total" ceasefire between Israel and Iran would go

into effect in 12 hours, and then the war would be considered

"ended."

* Trump brokered the deal on Monday during a call with

Israeli Prime Minister Benjamin Netanyahu, while his team

engaged with Iranian officials, a senior White House official

said.

* Speaking on condition of anonymity, the official said

Israel agreed to the truce provided Iran does not launch further

attacks. Iran signalled it would abide by the agreement, the

official added.

* 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.

* Federal Reserve Bank of Chicago President Austan Goolsbee

said, thus far, the surge in tariffs has had a more modest

impact on the economy relative to what was expected.

* Investors are looking ahead to testimony by Fed Chair

Jerome Powell before the House Financial Services Committee

later on Tuesday, though Powell has been cautious about

signalling near-term easing.

* Futures markets continue to price in rate cuts beginning

at the September policy meeting.

* U.S. business activity slowed marginally in June, though

prices increased further amid Trump's aggressive tariffs on

imported goods, suggesting that an acceleration in inflation was

likely in the second half of the year.

* Elsewhere, spot silver was up 0.1% at $36.03 per

ounce, platinum fell 0.3% to $1,260.78, while palladium

edged down 0.1% to $1,043.

DATA/EVENTS (GMT)

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