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(Bloomberg) — Gold held its first weekly gain since the war in the Middle East began, as dip-buyers stepped into the market.
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Bullion was near $4,490 an ounce in early trading, after ending the previous session up 2.7%. Opportunistic buyers are starting to emerge after the gold market’s biggest selloff in years, although concerns remain that a prolonged conflict could push central banks to sell their holdings or hike interest rates to tame inflation.
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As the war entered its second month, Pakistan, Egypt and Saudi Arabia met for talks over the weekend to find a path out of the conflict. But there was no letup in attacks — parts of Tehran lost electrical power after missile strikes, while the Iran-backed Houthi militant group in Yemen joined the fighting and more US military personnel moved into the region. Iran also struck aluminum smelters in Bahrain and the United Arab Emirates.
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Despite a marginal gain last week, gold has fallen about 15% since the war began, moving largely in tandem with stocks and in an inverse relationship with oil. The economic shock from spiking energy prices has stoked concerns that the US Federal Reserve will raise interest rates — a headwind for non-yielding bullion — while Turkey’s central bank sold and swapped about 60 tons of gold worth more than $8 billion during the first two weeks of the war.
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Elevated central-bank buying has been a pillar of bullion’s rally over the last couple of years. If more monetary institutions follow Turkey’s example, it would slow the overall pace of purchases and call into question long-term assumptions that central banks are reluctant to sell gold.
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Spot gold edged down 0.1% to $4,490.22 an ounce at 6:48 a.m. in Singapore. Silver fell 1.6% to $68.62. Platinum and palladium also declined. The Bloomberg Dollar Spot Index, a gauge of the US currency, rose 0.2% after adding 0.7% last week.
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