Gold futures traded at a new record high on Friday and silver hit $40.04 an ounce for the first time since 1980 as concerns about the dollar weakening draws investors towards precious metals.

Gold for June delivery was up $8.60 and hit a trading high of $1.468.30

SPDR Gold Trust, the world’s largest gold-backed ETF said on Thursday its holdings rose to 1.217.209 tonnes, their peak since mid-March.

The ishares Silver trust, the largest silver-backed ETF noted its holdings hit another record at 11.192.80 tonnes on Thursday.

Investors will be watching government spending developments in the US closely to see whether there could be a last minute deal between President Barack Obama and US legislators as the prospect of a government shutdown would be considered positive for precious metals.

The climb in gold price within the Euro region was limited however. Analysts believe the rates raised by the ECB on Thursday, for the first time since 2008, were generally expected and were previously factored into the price of gold.