Gold Pares Gains as Iran Media Appears to Downplay Israel Strike
- Israel hits back at Iran with limited drone strike on air base
- Precious metal is on course for a fifth straight weekly gain
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Gold pared gains as demand for safe-haven assets eased after Iranian media seemed to downplay the effect of Israeli strikes, indicating a lowering of geopolitical risk.
Israel reportedly struck back at Iran on Friday morning, hitting a military site in a drone operation that was limited in scale and seemed to cause little damage. Bullion was up 0.6% at midday in New York after earlier rising as much as 1.6% on concerns over a wider regional conflict in the Middle East roiled global markets. Appetite for safe havens such as the dollar and Treasuries also waned.