Gold prices jumped on Friday as investors flocked to safe havens after Israeli airstrikes against Iran revived fears of a wider conflict in the Middle East.

Spot gold rose 1.7% to $3,439.79 per ounce at 09:23 EDT (13:23 GMT), approaching its all-time high of $3,500.05 reached in April. Prices have increased by more than 4% since the start of the week.

American gold futures rose 1.7% to $3,461.

“Israeli strikes against Iranian targets are causing slight geopolitical concern in the markets. Prices will remain high pending Iran's response,” said Daniel Pavilonis, senior strategist at RJO Futures.

On Friday, Israel launched a series of strikes across Iran, claiming to have attacked nuclear facilities and missile factories and killed a large number of military commanders in a potentially lengthy operation to prevent Tehran from acquiring atomic weapons.

US President Donald Trump suggested that Iran was responsible for this attack for resisting the American ultimatum during negotiations to restrict its nuclear program.

Gold is widely considered a safe haven, especially during times of economic turmoil and geopolitical turmoil. It also tends to thrive in a low interest rate environment.

Cash fell 0.3% to $36.24 per ounce, gaining nearly 1% over the week.

Platinum fell 3.9% to $1,244.91, but rose 6.3% over the week. Palladium fell 0.3% to $1,052.28, but has gained 0.7% since the start of the week