Gold futures jumped 2.8% to open at $5,201.90 per ounce on Friday, driven by escalating tensions between the U.S. and Iran. The precious metal has traded above $5,100 since Monday, Feb. 23, as investors seek safe-haven assets amid geopolitical uncertainty. This marks a significant increase from Thursday's close of $5,194.20.

Market volatility spiked following reports of potential military action involving Iran, pushing gold prices higher across all major exchanges. The metal's safe-haven status typically strengthens during periods of international conflict and economic instability. Trading volume in gold futures has increased substantially as investors reposition portfolios to hedge against potential market disruptions.

The sustained price level above $5,100 represents a new threshold for gold, reflecting heightened investor anxiety about Middle East stability. Analysts note that gold's performance this week has outpaced other traditional safe assets, suggesting particular concern about the geopolitical situation's impact on global markets.