Gold prices rose to a six-year high last week lifted by investors piling into the precious metal amid signs of a materially weaker dollar, prompting analysts to cautiously predict a new base for further price trajectory.

The metal’s futures hit a high of $1,442.9 — the highest since May 2013 — before paring some gains on the back of profit taking. Gold is up 9 percent so far this month, coming near to the best monthly performance of 10.57 percent in February 2016.

Some analysts said gold prices could re-test the all-time high of $1,921 by year-end after consolidating six-year gains to cross the $1,400 mark.

Gold is seen as a safe-haven asset for fearful investors who are reading the confluence of economic and geopolitical events to mean a weaker dollar in the future.

These events include hints by the Fed and the European Central Bank to start easing their policy to counter a global economic slowdown, and President Donald Trump’s new sanctions on Iran.

“After the Federal Reserve’s June policy meeting, investors were only too happy to push more money into the gold market,” said Clif Droke in Seeking Alpha, a newsletter that covers U.S. markets.

“The bank’s openness to cutting rates later this year also served to bolster the metal’s ‘fear factor,’ in part due to the perception of global instability by the Fed,’ Droke added.

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Peter Schiff, a Manhattan investor and precious metals dealer known for being bearish on the U.S. economy and the dollar, said in May that the Russians are preparing for an impending dollar crisis by shedding U.S. Treasury holdings and buying gold.

There is however caution among analysts that the gold rally might have entered a blow-off phase and might pull back from gains made in recent weeks.