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Gold prices rose to their highest level in more than two months Wednesday — hitting $4,465 an ounce.
Why it matters: The precious metal has reversed a slump that began shortly after the start of the war with Iran.
Flashback: Investors expected inflation and real yields to rise when the war started, which made gold — a non-yielding asset — less appealing, and undermined the notion that it behaves as a safe asset in turbulent times.
