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Gold shines from Middle East tensions, Fed rate cut bets
Gold prices rose more than 1% to a one-week high on Friday as an escalation in Middle East conflict fuelled safe-haven buying, and a softer U.S. producer price index data boosted bets that the Federal Reserve might cut rates sooner. Spot gold was up 1.5% at $2,057.89 per ounce at 9:30 a.m. ET (1430 GMT), extending its run above the $2,000 level to nearly a month. U.S. gold futures gained 2.1% to $2,060.90 The United States and Britain launched strikes against sites linked to the Houthi movement in Yemen, while Saudi Arabia called for restraint. A rise in geopolitical risk is pushing gold prices up, and at the same ... (full story)