Global gold prices surged today due to escalating political tensions in the Middle East. Investors are turning to the precious metal as a safe haven.

The metal notched weekly gains of 0.2%, reinforcing its appeal during uncertain times.

Spot gold increased by 0.3% to $2,662.50 an ounce, nearing its all-time high of $2,685.42 reached on September 26. U.S. gold futures ticked up 0.1% to $2,682.10.

The precious metals market felt a ripple effect. Silver rose 0.4% in spot transactions, reaching $32.17 an ounce, with a gain of 1.8% since the start of the week. Platinum jumped 1.1% to $1,001.79, while palladium saw a boost of 1.4%, hitting $1,013.46.