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(Bloomberg) — Gold held its biggest gain since March after President Donald Trump said the US could sign a deal with Iran over the weekend to end the war that’s rattled global markets and stoked inflation.
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Bullion edged up to near $4,215 an ounce, having advanced 3.4% in the previous session. Trump said on Thursday that Iran’s supreme leader had agreed to a deal, although he cautioned that the pact had not been finalized. The US leader described the agreement as “a very strong memorandum of understanding that is a little bit conceptual.” There has been no confirmation from Tehran.
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That followed Trump’s decision to call off a third day of airstrikes on Iran. US forces had pounded the Islamic Republic for two days, with Tehran responding by announcing the closure of the Strait of Hormuz to all vessels.
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Now in its fourth month, the war in the Middle East has disrupted energy flows via Hormuz, causing oil prices to spike and increasing the prospects for interest-rate hikes as central banks struggle to tame inflation. The European Central Bank raised rates on Thursday for the first time in almost three years, with President Christine Lagarde warning inflation triggered by the conflict is widening beyond just energy.
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Gold is still about a fifth below where it traded before the war began at the end of February. The metal’s recent decline through its 200-day moving average – a widely watched measure of long-term momentum – has triggered additional selling this week, pushing bullion close to $4,000 an ounce on Thursday before it rebounded.
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Spot gold was 0.1% higher at $4,217.40 an ounce as of 7:26 a.m. Singapore time. Silver rose 0.4% to $67.54 an ounce. Platinum and palladium advanced. The Bloomberg Dollar Spot Index was flat after falling 0.3% in the previous session.
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