Far East Tensions Cause Gold Prices to Perk

Gold soared to two-month highs on Friday, as investors of all stripes sought refuge from the uncertainty of escalating tensions between North Korea and the United States. U.S President Donald Trump warned North Korea again on Thursday not to strike Guam or U.S. allies, saying his earlier threat to unleash "fire and fury" on Pyongyang if Kim Jong-un launched an attack may not have been tough enough.

Spot gold was up 0.3% at $1,290.36 U.S. per ounce, set for its biggest weekly gains since April. It earlier hit its highest since June 8 at $1,288.97 U.S. an ounce.

Geopolitical risks can improve demand for assets considered safe-haven investments such as gold.

Silver added 0.4% to $17.15 U.S. per ounce after hitting $17.24, its highest since June 14, in the previous session. It was on course for an over 5% weekly rise, the highest such gain since July 2016.

Platinum climbed 1.2% to $987.70 U.S. per ounce after touching $984.60 U.S. during the session, its highest since April 18. It was up about 2% for the week so far.

Palladium climbed 0.3% to $899.50 U.S. per ounce and was on track to end the week 2.3% higher.