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Gold investors turn profits, analysts: There may be no real support before $3,850

Online reported that as the US dollar rose and gold investors took profits after Israel and Hamas reached a ceasefire agreement, the price of gold fell below $4000 per ounce on Thursday and fell back below $3950. Independent metals trader Tai Wong said: "As the Gaza ceasefire takes effect, speculators are taking some gold chips from the negotiating table as the ceasefire agreement cools the situation in the Middle East. Overall, however, confidence in the deal has remained largely undiminished. However, gold prices have risen so fast before that there is no real support until $3850."

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