Gold futures (GC=F) rose more than 6% through Wednesday’s trading, marking the precious metal’s best day since March 2009, according to TradeStation data.

A combination of geopolitical tensions, easy monetary policy from the US Federal Reserve and increased purchases by central banks has pushed the yellow metal higher, with the yellow metal nearly doubling and rising more than 97% in the past year, with the rally in gold, a leading store of value, further pushing prices higher.

The Fed’s decision to keep interest rates unchanged at 3.5% to 3.75% helped push gold’s bull run by about 2%.

Investors are piling into gold, traditionally a safe-haven asset, as the White House’s foreign policy swings weaken the dollar and raise tensions around the world. Silver (SI=F) has also skyrocketed, gaining more than 280% over the past year.

In mid-January, Goldman Sachs commodity strategists set a year-end target for gold at $5,400 per troy ounce. The metal surpassed that level on Wednesday.

Ole Hansen, head of product strategy at Saxo Bank, said in a recent note to clients that gold’s rally could start to subside as many of the concerns driving gold’s rally have not fully materialized.

“While U.S. fiscal debt continues to rise, market stress has thus far manifested itself primarily through a steepening yield curve rather than through chaotic movements in interest rates or credit,” Hansen wrote. “The dollar has fallen but not collapsed, and geopolitical tensions have not yet escalated into disruptions severe enough to inhibit global economic growth.”

HSBC chief precious metals analyst James Steele wrote in a note to clients that gold has more room if the dollar continues to weaken, with the next resistance level at $5,500.