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(Bloomberg) -- Gold rose amid hopes for a deal to end the standoff between the US and Iran that’s dashed expectations for rate cuts from central banks across the world.

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Bullion rose as much as 0.9%, after adding 1.5% in the previous session. Iran delivered a new proposal to the US via Pakistan, Iran’s state-run Islamic Republic News Agency said on Friday, as the two sides pursue behind-the-scenes diplomacy to turn a fragile ceasefire into a lasting peace. Oil futures sank.

Gold has lost around 12% since the conflict began at the end of February, as the closure of the Strait of Hormuz and resulting energy price shock dimmed the prospect of interest rate cuts, a headwind for non-yielding bullion.

Most analysts are still bullish on the precious metal, with the latest data by the producer-funded World Gold Council showing that central banks added gold holdings in the first quarter at the fastest pace in more than a year.

“There’s not a ton of conviction around the near-term trajectory, even if the medium-term bull story, which we agree with, is still broadly consensus,” Greg Shearer, head of precious and base metals research at JPMorgan Chase & Co.

Continued retail buying in China had helped support prices in recent months he said, and the broad trend of central bank accumulation was still intact. A clear de-escalation in the Middle East and an accompanying dip in interest rate expectations and the dollar would mean “it’s game-on again for gold,” he said.

Spot gold rose 0.4% to $4,634.62 an ounce at 3:46 p.m. in London. Silver rose 2.9% to $75.87 an ounce. Platinum and palladium also edged higher. The Bloomberg Dollar Spot Index, a gauge of the US currency, fell 0.2% after losing 0.8% on Thursday.

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