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Gold Advances for Second Time in Three Days as Central Banks Buy

Gold gained for the second time in three days as central banks increased holdings and rising tension in the Middle East boosted demand for the precious metal as an investment haven.

Bullion holdings linked to exchange-traded products rose to a record. Brazil, Kazakhstan and Russia added to gold reserves last month, data on the International Monetary Fund’s website show. The week-long conflict in the Middle East continued with air strikes in Gaza and a blast that hit a bus in Tel Aviv. A cease-fire accord was agreed to late in the day. Markets in the U.S. are closed tomorrow for the Thanksgiving holiday.