U.S. gold futures hit a record high of $1,00 an ounce on Thursday morning, led by a combination of a weakening dollar, soaring crude oil prices and strong investment demand.

The active gold contract for April hit an all-time high of $1,000 on the COMEX division of the New York Mercantile Exchange after the dollar fell below 100 yen during Asian trading. The dollar hit its weakest against the Japanese currency in 12 years while also sinking to all-time lows against the euro.

The precious metal has been edging towards the $1,000 an ounce mark for weeks fueled by the weakening dollar.

Gold closed up $4.50 at $980.50 an ounce on Wednesday.

Gold