Gold surged to a near two-month high on Friday, gaining 1.2% to $3,423.30 per ounce in spot trading, as investors moved toward safe-haven assets amid escalating geopolitical tensions.
Futures climbed to $3,444.50, setting the yellow metal on track for a weekly gain of roughly 3.4%, its strongest performance in weeks.
The rally reflects heightened market anxiety, with traders hedging against geopolitical shocks and inflationary uncertainty. Analysts point to strong demand fundamentals and a weak dollar as additional tailwinds.
Other precious metals struggled. Silver dipped 0.3% to $36.25 per ounce, while platinum fell 1% to $1,282.55. Palladium also slid 0.5% to $1,050.61.
The divergence suggests gold remains the preferred hedge in risk-off environments, especially during periods of global instability. Traders are watching for further moves from central banks and developments in conflict zones that could further boost demand for bullion heading into next week.
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