Gold was poised for its strongest weekly performance in six years, as escalating geopolitical tensions and renewed concerns over the Federal Reserve’s independence fueled a powerful rally.

Bullion steadied on Friday after surging to a record above $4,967 an ounce, putting it on track for a weekly gain of more than 7%—its best showing since March 2020. Silver climbed to an all-time high just below $100 an ounce, while platinum also touched a record. Meanwhile, a key measure of the US dollar was heading for its weakest week in seven months, further boosting the appeal of precious metals by making them cheaper for most buyers.

“Gold is undergoing a sustained re-rating as cracks appear in the post-World War II rules-based order,” said Yuxuan Tang, head of macro strategy for Asia at JPMorgan Private Bank. “Investors increasingly see gold as a dependable hedge against regime-shift risks that are difficult to quantify.”