Gold prices were hovering near after four-month highs on Thursday, propelled higher by a weaker dollar, which hit fresh three-year lows after the Trump administration signaled that it preferred a weaker currency.

Comex gold futures were at $1,357.80 a troy ounce by 04:15 AM ET (09:45 AM GMT), after rising as high as $1,365.40 overnight, the strongest level since August 2.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last at 89.04, after hitting an overnight low of 88.62, a level not seen since December 2014.

A weaker dollar tends to support gold prices by making the dollar-denominated metal cheaper for holders of other currencies.

The dollar skidded lower after U.S. Treasury secretary Steven Mnuchin told the World Economic Forum in Davos on Wednesday that a “weaker dollar is good for trade.”

The remarks were seen by markets as a departure from traditional U.S. currency policy.

His comments, along with this week’s decision by President Donald Trump to impose import tariffs on washing machines and solar panels reignited concerns over his administration’s protectionist stance and its possible impact on global trade.

President Trump is due to speak on Friday in Davos and investors are concerned he will use the speech to signal a more protectionist policy stance.

The risk of a weaker dollar is that it could undermine confidence in a wide swath of U.S. assets, including the U.S. Treasury market.

Elsewhere in metals trading, silver was up 0.15% at $17.52 a troy ounce, platinum added 0.45% to trade at $1,020.4 a troy ounce, while palladium traded down 0.52% to $1,100.65 a troy ounce.

Copper was almost unchanged at $3.227 a pound.