Investors find shelter in gold when economic data is bad or there is a political strife around the globe. Right now things are looking bad on the Korean Peninsula which could support the prices of gold. A Reuters report said , "The current question was not whether, but when a war would break out on the peninsula," because of the "increasing threat from the United States", China's state news agency, Xinhua, on Friday quoted the North's Foreign Ministry as saying.

Should tensions escalate and a full blown war take place on the Korean Peninsula, there's no telling where gold prices could head.

Also, economic data from around the globe has not been too good, which could help gold prices.

On Friday the US jobs data showed that the March unemployment saw employers hiring at the slowest pace in nine months. Employers in the US added just 88,000, while the unemployment rate notched lower to 7.6 percent, largely due to people dropping out of the work force, according to the Labour Department.

Investors are now selling into risky assets like equities, which is a sign that gold will rally. The UK's FTSE had its worst week for 2013 and markets in Europe also saw a sell-off on Friday.

For next week gold is likely to gain further momentum. On Friday international gold jumped 1.51% as weak US jobs data triggered fresh buying in the metal. The hope is that the weak job data would ensure that the Fed continues its monetary expansion programme, which in turn would support gold prices.

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