Gold’s run on Street remains uninterrupted for 5th straight week

Spot gold closed with a gain of 0.59% at $2392 Friday as the metal rose on fresh concerns about the geopolitical situation following Israel’s attack on Iran. Israel reportedly struck back Iran on Friday morning in a low-scale drone operation. Although targets were Iran’s military sites, damage was limited. Iranian media downplayed the impact of Israeli strikes. Gold, which initially rallied sharply higher to $2417 on broadening conflict concerns, gave back all its gains; however, it rallied once again in the US session on weekend geopolitical risks.