Gold prices climbed to their highest in more than three months on Monday, driven by weaker US Treasury yields and inflation concerns that weighed on investors’ appetite for risk.

Spot gold jumped 1% to $1,859.67 per ounce by 10:31 a.m. EDT (1431 GMT), after hitting its highest since Feb. 2 at $1,861.02. US gold futures gained 1.2% to $1,860.60.

“There’s a flight to safety out of the equity markets … and anticipation that we’re going to continue to see inflation numbers trend much stronger going forward,” said Jeffrey Sica, founder of Circle Squared Alternative Investments.

“The Treasury yields will stay about where they are, and that’s going to further increase the likelihood of investors choosing gold.”

Global equity markets paused as inflation pressures tempered demand for riskier assets. Data last week showed producer prices rose more than expected in April.

Benchmark US 10-year Treasury yields slipped to their lowest in nearly a week, reducing the opportunity cost of holding non-interest bearing gold.

Investors now await minutes of the US Federal Reserve‘s last meeting, due on Wednesday, for more cues on the central bank’s monetary policy and any comments on inflation.

“The Fed is going to continue to hold on to the notion that the increase in inflation has to do more with the reopening of the economies than to do with any real inflation,” Sica said.

Gold is seen as a hedge against rising inflation.

On a technical note, the gold market has breached the 200-day moving average and that’s supporting prices further, said Eli Tesfaye, senior market strategist at RJO Futures.

Elsewhere, platinum rose 0.6% to $1,232.17 per ounce.

The World Platinum Investment Council (WPIC) said the global platinum market will be more undersupplied this year than it previously thought.

Palladium rose 0.2% to $2,898.58, while silver rose 1.3% to $27.76.