Gold extended gains on Friday as mounting geopolitical tensions in the Middle East drove investors towards the safety of the metal.Spot gold rose as much as 1.2% to above $5,250 an ounce, on pace for another weekly rise. Silver, too, surged by 6% to $94 an ounce.Live Gold Price Chart and Real-Time UpdatesPrecious metals have been trending higher in recent days amid a tense standoff between the US and Iran. Talks over a nuclear deal remain at a standstill, with both sides agreeing to reconvene next week.Meanwhile, US President Donald Trump has ordered a large build-up of military assets in the region as the deadline to reach a deal draws closer. Bloomberg sources have indicated that US officials left the latest round of talks disappointed with the progress.Driven by the Middle Tensions tensions, bullion has been slowly recovering from last month’s selloff that saw prices drop over 10% — its largest single-day decline since 1980. Despite this, the safe-haven metal remains up by 20% for this year, finding support above the $5,000-an-ounce level.As the market has stabilized, investors have also been adding to their holdings in gold-backed exchange-traded funds, hedging against the ongoing geopolitical and economic risks. Inflows this week more than offset the end-of-January crash.Should Friday’s move hold, bullion would record its seventh straight monthly gain, for its longest streak since 1973.Meanwhile, traders are also watching for clues on the Federal Reserve’s next move on interest rates. Fed Bank of Chicago President Austan Goolsbee said this week that several cuts are possible this year if inflation declines.(With files from Bloomberg)
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