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By demonstrating the importance of the metaphysics of the beauty in Gadamer’s interpretation of Plato, this article argues that, contrary to what is often suggested, Gadamer’s interpretation does not drain Plato’s thought of its metaphysical character. This is why one has to reconsider the relation between Gadamer’s hermeneutics and Plato’s metaphysics, and even the metaphysical tradition in general. We claim that, if Gadamer discredits certain aspects of classical metaphysics, at the same time he is able to reveal a more positive aspect of it.