Gold turns weak on news of Israel-Hamas ceasefire agreement

International gold prices, which had surged over the past four trading days, turned weak on the day.

As of 8:54 a.m. on the 9th (Korean time), according to TradingView, the price of gold stood at a 0.78% decline from the previous day at $4009.280.

The background to gold's weakness is interpreted to be news of ceasefire talks between Israel and Hamas. Expectations that a ceasefire between the two countries would stabilize international tensions have weakened investor sentiment toward gold, a safe-haven asset.

President Donald Trump said on social media site Truth Social, "I proudly announce that Israel and Hamas have both agreed to phase 1 of our peace plan."

He added, "This is the first step toward a strong, lasting, and permanent peace, which means all hostages will be released (very soon) and Israel will withdraw its forces to the agreed lines." He emphasized, "All parties will be treated fairly."