Friday morning's peak saw gold climb closer to its record price of $3,500.10 per ounce that it hit back in April, as global stock markets tumbled after tensions flared.

Gold has rallied a bit in the early hours of Friday trading, as the market reacted to the idea of the Israeli airstrikes against the Iranians. Because of this, the market continues to see a lot of frayed nerves,

Tensions between the U.S. and Iran have been rising, but the big moves in gold and oil prices can help gauge just how serious the situation has become — and hint at what’s next for global financial markets.