Investors have long sought out gold as a haven during times of economic and political uncertainties, and with escalating tensions between the U.S. and North Korea over nuclear threats, the price of the precious metal has been rising.
The leaders of the respective nations, President Donald Trump and Kim Jong-un, have recently exchanged in a war of words over North Korea's ongoing nuclear weapon tests. President Trump has urged world leaders to levy more sanctions on North Korea while also threatening military action.
And on Friday, North Korea's foreign minister warned that the country could test a hydrogen bomb over the Pacific Ocean in response to said threats of military action.
With the backdrop of potential turmoil between the two nations the price of gold was climbing to $1,298.80 per ounce during Friday afternoon trading.
Shares of Barrick Gold Corp (BAX) - Get Baxter International Inc. Report , the largest gold mining company in the world, were rising in Friday afternoon trading, as were shares of Canadian-based gold mining company Agnico Eagle Mines Ltd. (AEM) - Get Agnico Eagle Mines Limited Report .
Shares of other miners of the precious metal were higher on Friday, including Colorado-based miner Newmont Mining
(NEM) - Get Newmont Goldcorp Corporation (NEM) Report , and Royal Gold
(RGLD) - Get Royal Gold, Inc. Report , which operates mines in 20 countries around the world.
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