Look closely and you’ll see its equal (4)

I believe the answer is:

peer

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'look closely' is the definition.
(I've seen this before)

I don't understand the remainder of the clue.

(Other definitions for peer that I've seen before include "Look searchingly at lord?" , "Noble; look intently" , "Aristocrat" , "Noble; equal" , "Struggle to see; equal" .)

I've seen this clue in the Evening Standard.

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