Gold prices climbed on Friday to their highest point in more than a month, on track for a weekly gain, as investors sought safe-haven assets after Israel’s strike on Iran heightened Middle East tensions.
Spot gold was up 1.3% at $3,428.28 U.S. an ounce, after hitting its highest level since May 7 earlier in the session. Bullion has gained more than 3.5% so far this week.
U.S. gold futures gained 1.4% to $3,449.60.
Geopolitical tensions escalated after Israel struck Iran as tensions mounted over U.S. efforts to halt Iran’s production of atomic bomb materials.
Israel declared a state of emergency, citing expected missile and drone attacks from Tehran, and the U.S. military is preparing for various contingencies in the Middle East, including potential assistance with evacuating American civilians, a U.S. official told Reuters on condition of anonymity.
Elsewhere, spot silver edged down 0.1% at $36.33 U.S. per ounce, platinum fell 0.8% to $1,285.21 U.S., while palladium was steady at $1,055.21 U.S. All three metals were headed for weekly gain.
