Gold prices popped more than 1% on Friday, within a striking distance of the six-year high reached in September, as investors flocked to the safe-haven metal after a senior Iranian military official was killed in an air strike authorized by the United States.
Tensions flared in the Middle East after Iranian Major-General Qassem Soleimani, head of the elite Quds Force, and top Iraqi militia commander Abu Mahdi al-Muhandis, were killed in the air strike on their convoy at Baghdad airport.
Spot gold rose 1.2% to $1,547.19 U.S. per ounce, having touched its highest since early September, when bullion scaled a multi-year peak of $1,557.
U.S. gold futures rose 1.4% to $1,549.70 U.S.
Gold, considered to be a safe investment in times of political and economic uncertainties, has gained over 2% so far this week.
Silver hit a more than two-month high of $18.26 U.S. and was last up 0.7% to $18.15 per ounce.
Platinum rose 1.3% to $990.80 U.S., heading for about 5% weekly gain. Palladium slipped 0.1% to $1,957.49 U.S., but was on track for a 3% weekly gain.
