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Gold held above $1,980 an ounce on Tuesday, hovering its highest levels since August 2020 after having briefly topped $2,000 in the previous session, as geopolitical and economic uncertainties surrounding the Russia-Ukraine war lifted demand for the safe-haven metal.

The ongoing conflict in Ukraine showed no signs of de-escalation, shaking up commodity markets because Russia is such a heavyweight supplier in so many areas and a major gold producer.

Surging commodity prices also fueled inflationary and growth concerns, presenting fresh challenges to central banks.

Moreover, the London Bullion Market Association suspended six Russian precious metals refiners, prohibiting them from selling gold and silver in the London market.

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