Gold futures in New York shot to a 25-year high above $650 on Friday morning, buoyed by a falling dollar and a rise in silver triggered by the launch of the first silver-backed security, CNN reports.

Gold jumped 1.6 percent and silver surged 4 percent by midmorning on Friday as players built positions in the precious metals ahead of the weekend, CNN reports. Higher oil prices and tensions over Iran’s nuclear capabilities also fueled the advance.

June delivery gold had climbed $16 to $652.30 per ounce in late morning trade on the New York Mercantile Exchange’s COMEX division, in a range of $634 to $652.50, a new contract high, CNN reports. Prices surged on investment buying fueled by tensions over Iran, high energy prices, and uncertainty over the U.S. economy.

Gold rose as the dollar fell to a seven-month low after a report showing robust U.S. economic growth did little to overturn views that interest rates are close to a peak, CNN reports.

Gold also tracked crude oil higher in morning action, with U.S. oil futures up 1 percent at $71.70 per barrel on jitters over Iran’s nuclear ambitions, CNN reports.

Iran will ignore pressure to stop its atomic work, its president said hours before the world nuclear watchdog was expected to confirm that Tehran has flouted U.N. Security Council demands.

Spot gold surged to $644.80 an ounce, against its last New York close at $634.70. London’s afternoon fix by bullion dealers on Friday reached $644, CNN reports.

Silver surged as trading in the first ever exchange-traded fund linked to silver kicked off on the American Stock Exchange on Friday, CNN reports.

Barclays Global Investors’ ETF, called iShares Silver Trust, with the trading symbol SLV, launched at 9:30 a.m. Each share is worth 10 ounces of silver bullion.

COMEX July silver rallied 51 cents to $13.10 an ounce, dealing from $12.54 to $13.13.

Silver, used in jewelry, fabricated products and industrial applications, touched a 23-year high last week in futures at $14.69 on anticipation of the ETF launching.

Spot silver rose to $13.09 an ounce Friday, versus $12.66 previously. Friday’s fix in London was at $12.5550.

NYMEX July platinum shot up $9.90 to $1,156 an ounce, which was shy of Thursday’s record high of $1,159.80.

June palladium gained $3.60 to $367.90 an ounce.

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