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(Bloomberg) — Gold edged higher as officials in Pakistan said a second round of US-Iran peace talks was expected in Islamabad, without saying when the negotiations would take place.
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Bullion climbed above $4,700 an ounce following a report that the Iranian foreign minister is expected to arrive in Islamabad Friday night with a small team, citing officials familiar with the matter. US logistics, security team are already in the Pakistani capital for the negotiation process, the officials said.
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Further talks would raise the possibility of a breakthrough in the standoff between Washington and Tehran over the Strait of Hormuz. Gold is still headed for a weekly decline, snapping four weeks of gains, as that impasse puts upward pressure on energy prices, leaving little room for central banks to cut interest rates.
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Both the US and Iran are maintaining blockades of the critical oil and gas shipping channel. Tensions increased as President Donald Trump ordered the US Navy to shoot any boat laying mines in the waterway, and American forces intercepted two Iran-linked tankers and boarded another.
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The disruption to energy supplies has added to inflation risks, making it more likely that central banks will keep rates steady for longer or even hike them, which would pressure non-yielding bullion. Gold has fallen by about 10% since the war started.
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Elsewhere, the State Oil Fund of Azerbaijan, one of the largest sovereign gold buyers, released data showing it had sold nearly 22 tons of the precious metal in the first quarter, an amount worth more than $3 billion at current prices. Rapid price gains meant gold’s share of the fund’s portfolio was straining its target upper threshold of 35%, creating a need to rebalance the holdings.
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Spot gold rose 0.2% to $4,705.71 an ounce as of 1:20 p.m. London time. Silver was up 0.9% at $76.11 an ounce. Platinum fell, while palladium gained. The Bloomberg Dollar Spot Index, a gauge of the US currency, dropped 0.2%.
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