Global market price of Gold climbed past $2,410 per ounce on Friday, marking a new record high and advancing by around 3.4% over the week.

The sustained rally in the commodity market was supported by robust safe-haven demand which has now overshadowed concerns regarding possible delay in interest rate cuts by the US Fed.

Traders increased their bullion purchases after several reports suggested Iran was preparing for an imminent attack on Israel. Such an action could ignite an all-region war and exacerbate existing inflationary pressures.

US Federal Reserve unlikely to hike rate following consumer price index data recently released and robust job market, according to Moody’s.

Gold continued to benefit from strong physical demand in China due to a lack of alternative investment options since the local currency remained volatile and the economy was in need of further stimulus.