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(Bloomberg) — Gold resumed gains, after its first drop in nearly two weeks, as geopolitical upheaval and a retreat from sovereign bonds and currencies powered a record-breaking rally.
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Bullion rose as much as 1.4% in early trading on Friday, having swung wildly in the previous session — falling 5.7% at one point from a record high of $5,595.47, before ending the session marginally lower. In the latest developments, US President Donald Trump has threatened to attack Iran, while also saying he will impose tariffs on any countries that provide oil to Cuba.
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Gold has gained by more than one fourth this year, supported by Trump’s upending of international order and threats to the Federal Reserve’s independence. Geopolitical tensions remain high after a series of tariff threats to long-time allies including European nations, Canada and South Korea, while a revival of the debasement trade is adding fuel to the rally.
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Trump said he would announce his nominee to chair the Fed later on Friday, and reiterated his expectation that the central bank’s new leader will lower interest rates. Expectations of a more dovish central bank and a lower rate environment are supporting bullion, which doesn’t pay interest.
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Elevated demand in China, one of the world’s biggest gold consumers, has also supported prices. Local premiums have spiked above international benchmarks even as prices smash records. Chinese investors’ speculative interest in metals has also sent copper surging.
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Gold rose 1.3% to $5,447.18 an ounce as of 8:10 a.m. in Singapore. Silver advanced 2.4% to $118.43. The Bloomberg Dollar Spot Index, a gauge of the US currency, fell 0.1% on Friday and was down 1.3% for the week. Platinum and palladium gained.
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