Gold prices were tumbling on Tuesday as news of a cease-fire deal in the Middle East weighed on investors' appetite for so-called safe-haven assets.

Bullion futures fell 1.6% to $3,341 per Troy ounce in early trading, meaning they're now trading about 5% below the record high they hit in April.

Israel confirmed a truce with Iran early Tuesday, shortly after Trump had declared a peace deal. Iran's foreign minister had said earlier that Tehran would stop its attacks if Tel Aviv did.