Gold surged past the US$2,400 mark on Friday, continuing its strong upward trend over several months and boosting mining stocks in the process.
The precious metal reached a daily high of US$2,417 per ounce before settling at US$2,414.
This represents a 20.5% increase over the past year, with gold prices having previously dipped to as low as US$1,190 in mid-February.
Susannah Streeter, an analyst at Hargreaves Lansdown, noted that recent increases were driven by escalating tensions in the Middle East.
This rise was influenced by concerns about Iran’s potential involvement in the conflict between Israel and Hamas, along with market reactions to the potential for the U.S. to increase debt to further support Ukraine, according to Finalto.
Silver also experienced significant gains, reaching a ten-year high of US$29.57 per ounce on Friday.
