Gold continued its surge on Monday morning in Asia, topping a record high on concerns about a dropping dollar and the search for safe havens amid a cloudy economic outlook.

Gold futures climbed 1.55% to $1,926.85 by 11:24 PM ET (3:24 AM GMT), smashing the record of $1,923.70 set in 2011.

On Thursday, the December contract briefly topped the record set nine years ago, touching $1,927.10 an ounce.

The flock to the safe-haven yellow metal has been boosted by a weak dollar, which fell to the lowest in over a year, and hopes that the Federal Reserve will keep a policy that helps the economy recover from the impact of the COVID-19 pandemic when it convenes this week.

“If we think about real yields and what the Fed is doing, it just suggests to me that it’s a matter of time before real yields continue to trend lower and gold goes higher,” Chris Weston, head of research at Australia’s Pepperstone Group, told Bloomberg.

And the pandemic continue to hit at confidence in an economic recovery, with the ongoing surge in cases suggesting further lockdowns are in the offing. More than 1,000 people died each day between Tuesday and Friday in the U.S., the worst tally of human loss since late May. There were also a near record 74,000 new cases on Friday.

At the same time, the relationship between the U.S. and China hit a new low, creating political instability that is pushing investors towards gold. Secretary of State Michael Pompeo called for an end of “engagement,” a policy that has defined U.S.-China relations for almost five decades. Both countries also ordered the closure of each other’s consulates in Houston and Chengdu amid allegations of espionage last week.