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Gold surges and reverses on Iranian news

Following on from the previous update, noting what appears to have been an Israeli strike on Iran, risk sentiment got slammed and that saw demand for havens surge, as stocks took a significant hit. Under such circumstances it was ripe for Gold to attract immediate inflow and that is exactly what happened. Yesterday the metal had once again rejected another move above $2,400 and later closed in the US at $2,379.04. This news today saw it spike to a high at $2,417.89. However, it has since fallen back almost as sharply as it earlier rose. The low since that high was set just now at $2,379.48. Of course the whole situation in the Middle East remains uncertain and confused in terms of immediate news flow and that will make for some unpredictable price action heading into the weekend. Gold is currently trading at $2,383.75

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