Gold Rises Amid Strong Crude, Political Tensions, Steady Dollar

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The precious metal was steadier this morning, having lost nearly 1 pct yesterday, after strong US data lifted the dollar -- and pressured gold prices lower.

Gold rebounded amid strong oil prices, escalating geopolitical tensions over Iran and a flat dollar.

The precious metal was steadier this morning, having lost nearly 1 pct yesterday, after strong US data lifted the dollar -- and pressured gold prices lower. A stronger dollar makes gold more expensive for buyers with other currencies, so weakened demand.

This morning's lift was "largely due to firmer oil prices," noted TheBullionDesk.Com analyst, James Moore.

However, despite intra day rallies throughout the week, gold is little changed since Monday. "The lack of upside momentum does suggest either month/quarter end position protection or institutional selling has been present this week," explained Moore.

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