Gold jumps 1.5% amid ME military escalation

Gold prices rose on Friday, with weekly gains of over 3% amid escalating geopolitical tensions in the Middle East.

Gold futures for August delivery surged by 1.5%, or $50.40, to $3,452.80 per ounce, boosting their weekly gain to 3.17%.

This came after Israel targeted Iranian nuclear sites and ballistic missile facilities early this morning. In response, Iran attacked Israel with over 100 drones within hours.

Later, Israel launched a second attack on Iranian targets, including a nuclear facility in Isfahan. A few hours later, Tehran retaliated by firing missiles toward Jerusalem, which Tel Aviv is seeking to intercept at the time of reporting.