Gold futures topped $4,900 for the first time ever on Thursday as the precious metal’s record-breaking rally found further support on a weaker US dollar, ongoing geopolitical tensions, and supply-demand fundamentals.

March gold futures rocketed $88.20, or 1.82%, to $4,925.70 per ounce at 20:37 GMT on Thursday on the COMEX division of the New York Mercantile Exchange. Gold is on track for a weekly gain of about 6%, lifting its year-to-date increase to almost 14%.

Silver, the sister commodity to gold, rebounded after taking a modest breather in the middle of the holiday-shortened trading week. March silver futures advanced $3.573, or 3.86%, to $96.21 an ounce. The white metal is poised to rise 4% this week, bringing this year’s gains to 36%. Over the last 12 months, silver prices have soared more than 200%.

While market watchers offer a broad array of views on why silver has been climbing, it comes down to supply and demand dynamics.

Silver, a combination of an industrial and investment metal, has rocketed amid a growing global supply deficit. With the US government adding silver to its list of critical minerals, silver is expected to maintain its upward trajectory.

But some analysts warn of demand destruction due to the surge in prices.

Gold, meanwhile, has soared due to both industrial and investment demand. The yellow metal has also rallied on a weaker US dollar, geopolitical tensions, and Federal Reserve policy expectations.

“Geopolitical tensions, generally weak dollar, expectations for the Fed easing this year are all factors that are part and parcel of the macro de-dollarisation trend and are ‍still impacting the demand (for gold),” said Peter Grant, vice president and senior metals strategist at Zaner Metals, according to CNBC.

A weaker buck is good for dollar-denominated commodities because it makes it cheaper for foreign investors to purchase.

The Fed is expected to leave interest rates unchanged next week, and traders are not penciling in the next rate cut until June. Still, easing monetary policy is the norm for the Fed, particularly with a new regime on the horizon with Chair Jerome Powell’s term expiring in May.

In other metal markets, March copper futures jumped $0.0335, or 0.58%, to $5.8015 per pound. March platinum futures surged $139.80, or 5.64%, to $2,619.20 an ounce. March palladium futures climbed $64.40, or 3.42%, to $1,947.00 an ounce.