Gold and silver prices surged on Monday, with the yellow metal climbing to a record high above $3,800 per ounce, while silver reached its strongest level in 14 years.

As of 04:14 GMT, December silver futures on New York’s COMEX exchange rose 1.22% to $47.225 per ounce, marking the highest price since May 2, 2011.

Meanwhile, December gold futures gained 0.42% to $3,846.90 per ounce by 07:00 GMT, setting a new all-time record.

The rally was fueled by a weaker U.S. dollar and growing expectations that the Federal Reserve will continue cutting interest rates later this year.