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Iran has converted financial reserves into gold to avoid future problems, an adviser to President Mahmoud Ahmadinejad said in comments published on Saturday, after the price of oil fell more than 60 percent from a peak in July. Gold futures ended more than 5 percent higher on Friday and bullion ended the week about $10 higher compared with its last Friday’s close of $735.95 as investors covered short positions. More

Tags: gold, Iran, reserves