Gold prices continue to climb, supported by safe-haven demand arising from the Middle East conflict.

Spot gold was up 0.3% Friday at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.

U.S. gold futures edged 0.1% higher to $2,682.10.

The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders.

Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.

The U.S. is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.

Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.

Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.

BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.

Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.

Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.