Combine the preserves, bell peppers, red pepper flakes, vinegar and 1/4 teaspoon salt in a blender; puree until smooth. Transfer to a small saucepan and bring to a brisk simmer over medium heat. Cook, stirring often, until thickened and syrupy, about 10 minutes. Transfer to a jar and cool completely. Refrigerate for up to 1 week.
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