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Gold futures rallied this week on news of insurgents capturing a key city in Iraq, and market watchers said continuing fighting could underpin the yellow metal; however, with the Federal Reserve meeting later in the week, gains could be capped if traders turn their attention back to the stabilizing U.S. economy.August gold futures rose Friday, settling at $1,274.10 an ounce on the Comex division of the New York Mercantile Exchange, up 1.72% on the week.

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