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Gold and silver climb amid central bank buys
Gold and silver prices increased significantly on Tuesday, driven by rising central bank purchases of the yellow metal and a slight decline in the dollar index. This comes amid escalating tensions in the Strait of Hormuz and intensifying military confrontation between the United States and Iran. Gold rose by 1.5% to reach $4,077 per ounce, while silver surged by 4.6% to $59.7 per ounce, amid concerns over disrupted energy supplies and rising global inflation resulting from the military escalation in the region.
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