Gold extended its weekly gains towards its peak as the escalation of the Russia-Ukraine conflict boosted demand for the yellow metal.
At 9:30 AM, gold was at $2,675.90, up 0.23% since it opened early Friday in Asian trading.
Concerns have been reignited after Russia launched an Intercontinental Ballistic Missile (ICBM) over Ukraine, escalating tensions in Eastern Europe.
As a result, the yellow metal has now broken through $2,670 amid strong US Treasury yields and the US dollar.
On the data front, last week's US Initial Jobless Claims suggested that the labor market remains strong and suggested the Federal Reserve (Fed) could reach .
Other data, meanwhile, is not encouraging, with the Philadelphia Fed Manufacturing Index plunging to -5.5 in November from October's 10.3 reading.
In addition, New York Fed official John Williams commented that the ongoing disinflation process will add to the fact that the Fed funds rate will be lower by the end of 2025.
Chicago Fed President Austan Goolsbee reiterated some of his recent comments that he supports lower interest rates and is open to slowing policy easing.
Towards the end of the week, the economic docket will feature manufacturing and services PMI data as well as the University of Michigan (UoM) Consumer Sentiment in the US.
