Gold exchange traded products, including the SPDR Gold Shares (NYSEArca: GLD), iShares Gold Trust (NYSEArca: IAU) and ETFS Physical Swiss Gold Shares (NYSEArca: SGOL), were boosted last Friday following a disappointing March jobs report and after the U.S. launched 60 missiles against Syria.

Safe-haven assets, including gold, were favored after President Trump revealed Thursday U.S. Navy warships launched tomahawk missiles against a Syrian military installation believed to be the starting point of a savage sarin gas attack against Syrian civilians earlier last week.

Friday’s rally in gold brought the aforementioned exchange traded funds close to their 200-day moving averages and to year-to-date gains of just under 9%. Political risk is seen as a potential catalyst for gold and bullion-backed ETFs.

“According to a CNBC.com report, the markets gave up most of their gains Thursday when President Trump stated he is “willing to act alone on North Korea if China does not step up.” What’s more, Secretary of State Rex Tillerson did an about-face on Syria and stated Bashar Assad must be removed from power in Syria. The reversal in policy was based on reports of a sarin gas chemical attack purportedly by the Syrian government. This could turn out to be a big problem as Russia does not agree with Trump’s conclusion,” reports Seeking Alpha.

Gold’s recent bullishness is impressive when considering that the Federal Reserve raised interest rates earlier this month, setting the stage for two more rate hikes later this year. However, the yellow metal has been boosted by the dollar’s disappointing showing this year.

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