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Gold prices rise as M.east-driven safe haven demand offsets CPI shock.

Gold prices rose on Friday as an escalation in the Middle East crisis ramped up safe haven demand, which also helped the yellow metal gain despite stronger-than-expected U.S. inflation data.

U.S. and British forces launched a series of strikes against the Iran-aligned, Houthi group in Yemen, in response to the group’s attacks on ships in the Red Sea. The move also marked a widening in the Israel-Hamas war, which was seen as a key motivator of recent Houthi aggression.