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) , 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) . 

Shares of other miners of the precious metal were higher on Friday, including Colorado-based miner Newmont Mining (NEM) , and Royal Gold (RGLD) , which operates mines in 20 countries around the world.

More of What's Trending on TheStreet:

More from Commodities

Market Movers: September Grain Stocks Report

Market Movers: September Grain Stocks Report

Trump's Trade War May Test Investors More Than China's Economy

Trump's Trade War May Test Investors More Than China's Economy

Trump Should Pay Attention to LNG -- and His 'Energy' Donors

Trump Should Pay Attention to LNG -- and His 'Energy' Donors

China Empire Strikes Back at U.S. LNG

China Empire Strikes Back at U.S. LNG

China, Brazil and the Future for U.S. Corn

China, Brazil and the Future for U.S. Corn