Gold prices have seen a surge this year, driven by multiple factors, including a weakening U.S. dollar and uncertainty over U.S. President Donald Trump’s trade policies

U.S. gold mining stocks rose on Friday, boosted by a climb in spot gold (XAUUSD) amid escalating tensions between Iran and Israel.

Newmont Corp. (NEM) rose 3.5% to $5.79, Barrick Gold (GOLD) shares gained 3.2% to $21.59, while U.S. Gold Corp. (USAU) closed 1.3% higher at $13.38 on Friday.

The XAUUSD spot gold price had risen as much as $3,443.55 per ounce, just shy of the all-time high of $3,500 per ounce it had climbed to in April. August gold futures also rose to $3,436.90 per ounce.

The escalating conflict between Iran and Israel pushed investors to seek refuge in traditional safe-haven assets like gold.

The price movement came after a sharp surge on Friday, triggered by Israel’s initial strikes on Iran’s nuclear and military infrastructure. The conflict has since intensified, with both Israel and Iran exchanging missile and drone attacks.

Analysts believe that as long as geopolitical tensions persist, gold demand will likely stay elevated, potentially driving prices closer to the record highs seen in April.

Gold prices have surged this year, driven by multiple factors, including a weakening U.S. dollar and uncertainty over President Donald Trump’s trade policies. 

The conflict has also pushed oil prices up, with Brent crude futures rising 0.8% to $74.85 per barrel and the U.S. West Texas Intermediate crude futures gaining 0.9% to $71.93 per barrel, as of 1.31 a.m. ET.

The SPDR Gold Trust (GLD), which tracks gold bullion prices, was up 1.3%.

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