The situation in the Middle East has heated up, with gold prices rising by more than 3% in a week, reaching its highest level in nearly two months.

Gold futures and spot prices rose about 1.5% and 1.4% on Friday, reaching $3,452.8 and $3,432.34 per ounce.

Gold prices rose by about 3.5% in the past five trading days, with both futures and spot prices rising to their highest since late April.

Israel attacked Iran on Friday (June 13), local time, and the geopolitical situation in the Middle East fell into tension. Investors bought gold in order to avoid risks.

Daniel Pavilonis, senior market strategist at RJO Futures, said: "The Israeli attack on Iran has brought a little geopolitical panic to the market. As the market expects Iran to take retaliation, gold prices will continue to rise."