The largest exchange traded fund (ETF) tracking gold prices, SPDR Gold Shares (NYSEArca: GLD), was set to ease back from last week’s record high at Monday’s open as precious metals have received a tailwind from a weaker dollar.

The $56 billion gold ETF spiked as high as $141.28 a share last week.

“In a weak dollar environment like this, gold is sought as a ‘safe haven’ asset,” investment researcher Morningstar notes in its latest analyst report on the gold-bullion ETF.

The PowerShares DB US Dollar Bullish Fund (NYSEArca: UUP), an ETF that follows the dollar’s performance against a basket of foreign currencies, is down nearly 4% year to date. The dollar ETF hit a record low of $21.62 last week.

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