Gold smashed through the US$2,400 ceiling on Friday, continuing a months-long charge and taking mining stocks with it.
At its daily high, the precious metal climbed to US$2,417 per ounce, up 20% over the last 12 months, before later receding to US$2,414.
Hargreaves Lansdown analyst Susannah Streeter explained fears over tensions escalating in the Middle East had fuelled the gains in recent months.
This includes concerns over Iran potentially becoming involved in the Israel-Hamas war, while Finalto said traders were also pricing in the prospect of America raising further debt to extend support to Ukraine.
Silver prices also shot up, hitting a ten-year high and peaking at US$29.57 per ounce on Friday.
Mining companies rallied on the news, with FTSE 100-listed Fresnillo PLC topping the index’s risers with gains of 7.7%.