Gold futures climbed on Thursday as further weakness in the U.S. dollar and haven demand for the metal lifted prices to their highest settlement level since late October.

April gold added $16.20, or 1.4%, to settle at $1,157.50 an ounce–the highest closing level for futures prices since Oct. 28.

New York Fed President William Dudley on Wednesday hinted that tighter financial conditions could prompt the central bank to delay its next interest-rate hike after signaling that it could act four times this year after its first rate hike in nearly a decade in December. The prospect of lower rates for longer is a boon for gold, which doesn’t offer a yield.

Against that backdrop, the dollar fell Wednesday and extended its losses into Thursday.

Adding to gold’s gains has been mounting fear that more countries will slip into negative interest rates and central banks across the world will loosen policy. That has spurred flight-to-safety bids, particularly into hard assets like gold.

Gold’s sister metal also finished higher for a second straight session on Thursday. March silver picked up 11.6 cents, or 0.8%, to $14.85 an ounce.

Elsewhere on Comex, March high-grade copper ended 3.7 cents, or 1.7%, higher at $2.132 a pound. April platinum gained $26.20, or 3%, at $906.30 an ounce, while March palladium added a nickel to $515.60 an ounce.

Source: MarketWatch