Gold prices hit a two-week high as the dollar weakens

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Gold prices rose on Tuesday as the dollar weakened and tensions in the Middle East boosted safe-haven demand.

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Spot gold was up 0.4% at $1,327.91 per ounce by 1239 GMT, after touching a two-week high of $1,329.40 earlier in the session.

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U.S. gold futures for June delivery were up 0.5% at $1,328.60 per ounce.

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The dollar index fell to a two-week low, making gold cheaper for holders of other currencies.

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Tensions in the Middle East also supported demand for safe-haven assets as the United States moved to send more troops to the region.

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Geopolitical concerns and a softer dollar are supporting gold prices at the moment. 

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But we expect some profit-taking to emerge later in the day, Commerzbank analyst Carsten Fritsch said.

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Gold prices have risen nearly 2% so far this month on concerns about the U.S.-China trade war and its impact on the global economy.

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The metal is often seen as a safe haven during times of political and economic uncertainty.

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