Gold surged to fresh record highs on Monday as investors, rattled by U.S. policy uncertainty, geopolitical risks and tariff threats, rushed into safe-haven assets.

Gold climbed above $5,100 an ounce after breaking $5,000 a day earlier, while silver also hit record levels. The dollar weakened as the yen jumped on speculation of U.S.-Japanese coordination to support Japan’s currency.

“It vaulted over the psychologically important 5,000 mark on a glittering streak, heading sharply higher as trade tensions emanating from the US unnerved investors,” said Susannah Streeter, chief investment strategist at Wealth Club.

Analysts said demand for hard assets intensified amid renewed tariff concerns and rising fears of a U.S. government shutdown.

“The relentless quest for hard assets continued amid yet more talk of tariffs and US government shutdowns,” said Neil Wilson, a strategist at Saxo UK.

The yen strengthened on reports of possible intervention, weighing on Japanese stocks, while uncertainty over U.S. growth, inflation and Federal Reserve policy pressured the dollar.

“The FX market is front and centre at the start of this week and the focus is on the huge move higher in the yen,” said Kathleen Brooks of XTB. “Reports suggest that Japanese officials were joined by the Federal Reserve Bank of New York who bought yen to support the beleaguered currency.”

U.S. stocks edged higher ahead of major tech earnings, while European markets closed mixed.