“Precious metals were supported above all by a weaker U.S. dollar, which fell further on the back of renewed strength for stock markets,” Fawad Razaqzada, a market analyst at ThinkMarkets, said in a note. “The path of least resistance is now to the upside again,” with gold trading above last week’s high and finding support above its 200-day moving average, he said.

Yellen’s Tuesday testimony was key in weakening the dollar while lifting gold and base metal prices, according to Commerzbank analysts Carsten Fritsch and Daniel Briesemann. Copper had additional support on signs of greater risk appetite, the bank said. Industrial metals have been helped by expectations of increased Chinese and U.S. demand as Covid-19 vaccines continue to be be distributed and economies recover, ramping up spending on raw goods.

“The metals prices are supported by the further rising stock markets, which express the high risk appetite of market participants,” Briesemann said. “This is fed by hopes that economic life will return to normal with the vaccinations that have now begun.”

Read more: Dollar Kicks Off Biden Era With Losses as Short Bets Are Back

Biden became the 46th U.S. president in Wednesday’s inaugural ceremony that unfolded under heavy security after weeks of tumult and unrest stoked by Donald Trump. Next, traders will be looking toward the president’s ability to pass his economic stimulus plans through Congress, which would fuel another surge in metals demand in the U.S., the second-largest metals consumer after China.

“All else being equal, a Biden presidency supported by control of the House and Senate, ought to be very favorable for gold,” Bryan Slusarchuk, chief executive officer of Fosterville South Exploration Ltd., said in an email.

With Democratic leaders pushing for nearly $2 trillion in stimulus, there are “very big signals that the proverbial kitchen sink is about to be thrown at an effort to prop up a fragile economy, an effort that may have short-term impact but in the long term will cause further pain and ultimately will be negative for the U.S. dollar and positive for gold,” Slusarchuk said.

Spot gold rose 1.4% to $1,866.33 an ounce by 1:29 p.m. in New York. Silver, platinum and palladium also pushed higher. Copper prices closed 1.1% higher at $8,044.50 a metric ton on the London Metal Exchange, with all major base metals rising. The Bloomberg Dollar Spot Index dropped 0.2%