The Nasdaq index surged in trading on Tuesday (June 24, 2025), achieving a new all-time high. In contrast, gold prices faced downward pressure following a statement from U.S. President Donald Trump, indicating that a ceasefire between Israel and Iran was imminent.
In a post on Truth Social, Trump expressed optimism that, assuming everything proceeds as planned—which he believes it will—he congratulated both Israel and Iran for their resilience, bravery, and intelligence in ending what has been dubbed the ’12-Day War’.
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The conflict began with Israel’s attack on Iran on June 13, and if it is indeed a 12-day war, a ceasefire could be expected in just two days. Trump’s announcement was well-received by market participants. Since the onset of the conflict, the Nasdaq had been trending sideways without significant declines. With the prospect of a ceasefire on the horizon, this tech-heavy index regained its upward momentum.
By midday, the Nasdaq had surged nearly 300 points to reach 22,370, breaking its previous record of 22,318 set on February 18. The rise in the Nasdaq reflects a renewed positive sentiment among investors, diminishing the appeal of gold as a safe haven asset. Consequently, gold prices plummeted by over $52 or 520 pips, dropping to around $3,316 per troy ounce.
