Gold prices eased on Tuesday, as a slightly firmer dollar and optimism over a potential ceasefire between Russia and Ukraine dampened demand for safe-haven assets. Spot gold was down 0.5% at $3,214.17 an ounce as of 0627 GMT.

The president announced that “Russia and Ukraine will immediately start negotiations toward a Ceasefire and, more importantly, an END to the War.”

Germany is working with allies on a new package of sanctions aimed at pressuring Russia to agree to a ceasefire in its war with Ukraine.

Putin said efforts to end the war were "generally on the right track" and that Moscow was ready to work with Ukraine on a potential peace deal.

Pope Leo XIV and U.S. Vice President JD Vance are meeting ahead of a flurry of U.S.-led diplomatic efforts to make progress on a ceasefire in Ukraine

Russia has battered Ukraine overnight with its largest drone attack since the war began, Ukraine’s military said Sunday, as Moscow intensified its military assault despite holding direct peace talks with Kyiv Friday.