On Friday, the yellow metal maintained its strength across the safe haven market, returning to $2,000 for the first time in two months and finally hitting a three-month high as investors flocked to the yellow metal due to concerns about contagion from the latest conflict in the Middle East and the Federal Reserve's reluctance to raise US interest rates any further.

Following a decline in bond yields and the US Dollar Index from this week's highs, which was indicated by the return on the 10-year Treasury note, gold had a $2,000 surge. This allowed the yellow metal to reclaim its position as the go-to safe haven.

Spot gold edged up by 0.4% at $1,981.49, in addition to the 5.4% increase from the previous week, the spot price, which reflects bullion trading in real-time, increased by 2.4% during the past week.

Gold futures advanced by 0.7% at 13.90 per ounce, futures wrapped up the week with 2.7% up in addition to the 5.2% advance during the earlier week.